A tax levy is a serious business. It can put your assets at risk, and it may include penalties like seizing assets. It shows up after you received a tax lien.
A levy can easily affect your financial situation as it shrinks your paycheck. Each payday, your employer can get a portion of your earnings. Furthermore, your bank accounts will be frozen.
The IRS will place a hold on your account for 21 days. If you have not contacted the IRS after 21 days, the bank will submit all your money to the IRS.
If you do not want this to happen, you should contact an attorney right away.
Contact an Attorney to Release a Tax Levy
It is clear that a levy could put your entire finances at risk. To have it released, though, you should hire a local tax attorney who knows what to do.
Although levies are released after you have paid off the IRS, there are cases where you can appeal to the IRS to discharge the levy. This is especially true if the levy creates a financial hardship. The IRS may hold off but you will still need to deal with it in the future.
Preventing a Tax Levy
The best way to avoid it is to pay your taxes. If you have trouble with your taxes, make sure to call the Tenina Law office to know your options. You may also choose to pay your taxes through a payment plan. It lets you pay them over an extended period, but it incurs penalties and interest.
Making an Offer
You can also negotiate with the IRS. But, if you are going this route, you need a skilled attorney from Tenina Law Office.
An offer in compromise lets you show that to the IRS that you cannot pay what you owe considering your expenses, assets, and income. Through attorney Alla Tenina and her team, you can pay less than the tax bill.
Our experienced tax lawyer can help you avoid a levy to avoid freezing your funds. The levy will not affect the money that you have added to your bank after the levy.
Contact an Experienced Tax Lawyer
After receiving a levy notice, you need to contact the Tenina law office right away. Our tax lawyers understand the entire process and know what solutions to take to prevent your property from being seized. They can also stop the IRS from freezing your account or garnishing your wages.
Tenina Law office can assist you in avoiding the worst-case scenario by protecting your assets. You should call our attorney immediately after receiving the notice. You may call us to schedule a levy consultation.
There are ways to stop tax levy and prevent it from seizing your property or entire assets. Give us a call today for a consultation: (213) 596-0265.