| You might not have paid your taxes, as you are busy | | | | 2. Try to collect supporting documentation to avoid |
| or you forgot or you avoided payment due to financial | | | | hardships – In order to resolve the problem with IRS, |
| reasons. Whatever maybe the reason, you can face | | | | you should make a strong representation claiming |
| the IRS wage levy. It is a hold on property you | | | | financial hardships. If due to such wage levy you are |
| owned. IRS can confiscate and sell such property. | | | | unable to pay for your food, mortgage, rent, electricity |
| IRS can also levy your property which is held by | | | | etc., you should make a proper representation before |
| somebody else like retirement accounts, and dividends, | | | | the revenue officer. If you are not successful at that |
| bank accounts, rental income or even cash value of | | | | level, you need to file an appeal. In order to present |
| your Life Insurance. If you’re married, IRS can issue | | | | your case effectively, try to collect as much |
| wage levy against you and your spouse. This can | | | | documentation as possible. You may be required to |
| create problems in the relationship, especially when one | | | | complete a statement on your financial information in |
| spouse is unaware of the tax problems. | | | | the form 423A or 423F. IRS usually takes a softer |
| A Wage Levy is usually difficult to stop, however, with | | | | view if you make an effective representation showing |
| some quick actions it is possible to stop such levy and | | | | your sincere intentions to settle the issue with the IRS. |
| get your assets released. Here are three important | | | | 3. Try to make a settlement with the IRS – You |
| strategies to deal with IRS wage levy – | | | | can make an agreement acceptable to IRS for |
| 1. Time factor is very important – The most | | | | settlement of your dues. It is possible that you may |
| important factor in the release of the Levy is timing. | | | | furnish a bond if acceptable to IRS. You may |
| The taxpayer has at his disposal only 21 days to get | | | | execute an agreement for payment of tax in a |
| IRS wage levy released. If you are late, then the | | | | manner acceptable to IRS. You can also think of |
| funds attached will be sent to IRS. So in order to | | | | executing an escrow agreement. These are all the |
| take care of the living expenses, it is necessary to | | | | ways of getting the release of your property and |
| negotiate with the IRS. IRS is a large organization and | | | | stopping IRS for the time being. |
| it doesn’t work very fast. Sometimes it is difficult | | | | IRS wage levy is a very unfortunate thing to happen, |
| to locate the correct IRS representative who can | | | | however there is nothing to be afraid of it. There are |
| release the Levy. So it is necessary to act fast. | | | | ways to shorten and end the process soon. |
| You should better contact a tax professional who can | | | | However, the best way of avoiding it is to pay taxes |
| do this for you in a short period. Things can go out of | | | | on time! |
| hand if you try to ignore IRS notices. | | | | |