Platinum Tax Defenders Can Help You Remove An IRS Levy
- September 8, 2019
- Posted by: Platinum Tax defenders
- Category: Tax Resolution
The experts at Platinum Tax Defenders can help you with several collection actions that the IRS employs. To recoup debts that taxpayers owe, the IRS utilizes a variety of collection activities, including a bank levy. Among the IRS’ collection activities, a bank levy is often the most difficult with which to cope. When the IRS levies your property, it’s assuming financial ownership of the asset until you pay the debt in full. If the IRS has a bank levy put on your property, Platinum Tax Defenders can help. Read on for several ways Platinum Tax Defenders can help you get your bank levy released.
Tax Relief To Pay Your Debt In Full
Platinum Tax Defenders offers a variety of tax resolution services to help you pay back taxes. Paying what you owe to the IRS is one of the most effective ways to get a bank levy release. If you can, you should pay the tax debt in full. Making sure your account with the IRS has a zero balance will get you a bank levy release quickly. However, not everyone can pay off their tax debts in full. If you owe thousands of dollars, Platinum Tax Defenders can help you come up with a tax relief plan. Rather than risk additional IRS collection actions, Platinum Tax Defenders can help you with other tax relief solutions.
Platinum Tax Defenders Can Appeal The Levy
Taxpayers have 30 days from the time the IRS notifies them of its bank levy to make a formal appeal. An appeal can temporarily stop the bank levy from enacting until the IRS decides on your tax situation. Platinum Tax Defenders can help you file a formal request with the IRS. It can be a relatively straightforward process to appeal a bank levy. However, there’s never a guarantee that the IRS will reverse its decision to levy your assets. For that reason, it’s beneficial to work with a tax relief firm like Platinum Tax Defenders. If you can prove the bank levy will create financial difficulties for you, the IRS will likely approve your appeal. An appeal may also uncover irregularities in the tax debt collection process that compels the IRS to reverse the levy.
Apply For An Installment Agreement
The IRS will not release your bank levy until you satisfy the tax debt you owe. It may take months or even years for you to pay off your tax debt. IF that’s the case, you can apply for an Installment Agreement to pay off your debt. An Installment Agreement allows you to make regular monthly payments toward your tax debt. The IRS bases the payments on how much you make to ensure they are affordable and practical. Having Platinum Tax Defenders on your side can ensure you get the best Installment Agreement deal possible. The team at Platinum Tax Defenders know how to negotiate with the IRS to your advantage. Once you enter into an Installment Agreement, the IRS will release its bank levy.
Make An Offer in Compromise to Release a Bank Levy
An Offer in Compromise is another form of tax resolution that can help you get out of a bank levy. When you are unable to pay off your tax debt realistically, you can settle it with an Offer in Compromise. The experts at Platinum Tax Defenders have years of experience successfully negotiating Offer in Compromise deals for their clients. Platinum Tax Defenders recently got a client’s tax debt down from over $140,000 to $100 through an Offer in Compromise. An Offer in Compromise allows you to settle your debt for less than you owe. Your offer must be realistic and reflect the value of your current income and assets. Platinum Tax Defenders can help you come up with a realistic Offer in Compromise figure. Once the IRS accepts your OIC, and you pay, the IRS releases the bank levy.
Apply for the IRS’ Fresh Start Program
The IRS offers the Fresh Start Program for taxpayers who owe $25,000 or less in tax debt. To qualify for the Fresh Start Program, you must:
– Owe $25,000 or less to the IRS
– Agree to have monthly payments deducted from your bank account
– Make three consecutive payments and not be in default
– Be in good standing with all of your tax return filings
– Have an up-to-date history for all of your estimated tax payments
Once the IRS accepts you into the Fresh Start program, it will release your bank levy. You should also notify all three credit bureaus about your participation.
Wait Until The Statute of Limitations Runs Out
The IRS has ten years to collect on your tax debts. If you’re close to the end of those ten years, you can wait for the statute of limitations to expire. Once the statute of limitations expires, your debt becomes automatically absolved. You no longer have to make payments, and the IRS must stop its collection actions. At that point, the IRS will release your bank levy.
Can The IRS Release My Bank Levy Because Of Financial Hardship?
If a bank levy creates financial difficulties for you, you can make a case for financial hardship. The IRS must leave you with enough money to pay your immediate household expenses. If you can prove you cannot survive with the bank levy, you can claim financial hardship. Making a claim will require you to show financial documents such as bank statements and pay stubs.
Get Help With A Bank Levy Release
If the IRS has placed a bank levy on your assets, call the experts at Platinum Tax Defenders. We can help you come up with a tax relief solution to help release the bank levy. Call today for a free consultation and take the first step towards a better financial future.