23 Aug What is an IRS Levy and How Do I Fight it?
What is an IRS levy?
Two dangerous words are thrown around when talking about the IRS: audit and levy. We’ve already talked about audits before, which you can read about through this link, but a levy is a bit different.
An IRS levy is much more extreme.
When you receive a levy, then that means your tax issues have gotten to the point where the government is coming to collect. Not only can the IRS take ownership of your property, but it can snatch your vehicle and get into your bank accounts as well.
For more details about what a levy is and what assets are at risk, see the IRS website.
How do I fight one?
It can be scary when you receive an IRS levy. Because many of your assets could be taken by the government, it’s important to know what to do the moment you receive one.
- Contact the IRS. The first thing you must do is contact the IRS. If you have to ask, “What is an IRS levy?”, then an agent can answer it for you.
- Determine your tax problems. Once you contact an agent, you need to figure out what tax problems caused the levy in the first place. Once you get that sorted out, you can figure out what to do resolve those issues.
- Seek professional help. After you figure out what you owe and why you owe it, the process can be complicated from there. You can fight a levy multiple ways, but it usually involves complex paperwork. It’s NECESSARY to have a professional help with this process, as they’ll know the ins and outs of the tax system and be better equipped to fight for your property.
If you have any questions about a levy or are facing any tax troubles today, then give us a call at 614-524-4888!
