What is a Tax Levy?
By definition, a levy is a legal seizure of your assets or property in order to repay a debt. Any collection agency can impart a levy on an asset, although only the IRS can do so without a court order. Any property or asset can have a levy, including your house, car, boat, bank account, wages, retirement accounts, bank accounts, rental income, cash loan value of a life insurance policy, or any other asset. The IRS can freeze a bank account, seize property, and otherwise take ownership of any assets to fulfill your debt, other than a list of exempt assets.
The IRS will enact a tax levy on your property after you have neglected or refused to pay any taxes owed upon receipt of the Notice and Demand for Payment. They will inform you of the intention with a Final Notice of Intent to Levy and Notice of your Right to a Hearing a minimum of 30 days prior to its start. A levy ends when you have fully repaid your federal tax debt, the statute of limitations has ended, or you have the levy removed. If the tax levy creates a financial hardship for you, then you can apply to have it removed, as well as apply for other tax debt relief solutions.
How to Remove a Tax Levy?
The easiest way to remove a tax levy is to repay your tax debt in full. Your levy will be discharged within 30 days of receipt of your payment. However, most people who owe a significant amount of tax debt cannot afford such a large payment. If you believe that the amount you owe is incorrect, or the IRS has issued a levy in error, you have the right to appeal the process. You also have other options for removing a levy and settling your tax debt.
How TaxRise can Remove your IRS Levy?
The tax professionals at TaxRise have been helping people negotiate federal tax settlements for years. They will discuss your case with you and help you decide upon the right course of action. They also know the right forms to submit to apply for a removal of a tax lien or tax levy. They deal directly with the IRS on your behalf so that you do not have to do it. They also ensure that all forms are filled out correctly, reducing any administrative errors that may cause an appeal to be rejected. Not only can they help to remove any liens or levies against your property, but they can also discuss tax relief solutions with you that can minimize your debt and help you to once more be in compliance with the IRS. For more information call us at 877-561-9441.