Federal Tax Levy
The Internal Revenue Service (IRS) has been an object of fear for most taxpaying community of the United States. Although paying taxes is quite common to most countries, it’s usually the punishment of back taxes and debts that gives taxpayers shivers. The federal tax levy is one of the most common methods of imposed tax collections for delinquent taxpayers. If you find yourself in this predicament, then you better deal with it right away. Many people have suffered trying to resolve their back taxes with the tax levy clinging on their backs like a leech.
The IRS can issue you a levy in two ways: They can levy your wages and your bank account. This means they will take a specific percentage (usually 25%) from your wage or salary. There are almost no exceptions! The IRS can also file a federal tax levy on your retirement income, bonuses and Social Security benefits. A wage garnishment is served on your employer, which is required to pay over a large percentage of your paycheck to the IRS until the tax debt is paid or the wage levy released. If you are a sole proprietor, then the money you received from your payors are deducted to compensate for your back taxes.
The IRS can also levy your bank account, acquiring all your funds in any of your account. In turn, the bank will pay the IRS whatever money is in your account. You have 21 days to get levy release or else you’ll find your potential expenses crippled by the federal tax levy until your account drains to zero. If your debt is not yet compensated at that time, the IRS will freeze your other account.
If you want to stop these federal tax levies, let Premier Tax Resolutions ease your tax problems. All we need is your trust and cooperation to understand your rights. At Premier Tax Resolutions, we find ways to stop your levies and garnishments by obtaining a compromise between you and your creditors. So what are you waiting for? Call Premier Tax Resolutions for FREE at 1.800.554.0146. At Premier Tax Resolutions, we help you, support you and guide you to understand your rights, exercise all available options!