Ludington Tax Levy Lawyer
Receiving the Final Notice of Intent to Levy marks your lack of effort to pay your tax debts for an extended period. Following this will be the seizing of your properties as payment for your outstanding tax liabilities.
If you don’t want to lose your assets, negotiate with the Internal Revenue Service (IRS) with the help of our Wisconsin tax levy lawyer as soon as possible!
Defense Tax Partners is a trusted law firm by numerous individual and corporate taxpayers. Even if the final tax levy notice has already been sent, we can still help you keep your properties and strike a manageable settlement with the IRS instead. We can help you set up an installment plan or negotiate for a compromise, whichever is best for your situation.
Remember, time is of great importance. Push your panic aside and seek legal assistance from a professional as soon as you can.
Call Defense Tax Partners at (414) 441-1407 for your Free Consultation with a Wisconsin Tax Levy Lawyer!
What is a Tax Levy?
A tax levy is an administrative action in which your properties or assets are being taken by the IRS in order to satisfy your outstanding tax bill. This is only exercised when you fail to pay your tax debts or to at least make settlement arrangements to resolve your debts.
Generally, the tax levy process happens as follows:
1. The IRS will assess your payable tax amount.
2. The IRS will mail you a Notice and Demand for Payment (tax bill).
3. If you fail to pay or set up an arrangement, the IRS will send the Final Notice of Intent to Levy and also the Notice of Your Right to A Hearing.
4. After 30 days, if no settlement has been reached or no payment was given, the IRS will initiate the levy on your assets.
The IRS can take all the properties they need to fully cover your tax debts. The following are some of the types of tax levies that the IRS can impose:
The IRS will be in contact with your respective bank and request a fund transfer from your account. You will be given a 21-day grace period—during which your bank account will be frozen—to come up with a payment or settlement offer. If you fail to do that, the required amount will be transferred from your account to the IRS.
If there is insufficient money to fully pay the debt, the IRS can repeat the process until your tax liabilities are fully satisfied.
The IRS can take any property you own (e.g., vehicles, house), sell them, and keep the proceeds as payment for your debts. They can also seize your property that is being held by someone else. These properties include retirement accounts, dividends, licenses, rental income, accounts receivables, and the cash loan value of your life insurance.
Reduced Tax Refunds
Your federal or state tax refunds can be partially or completely kept by the IRS to pay your outstanding tax bill.
The IRS will contact your employer and require them to withhold a percentage of your wage, giving you enough to cover your daily living necessities. The wage garnishment will stay active until your entire debt is paid, you’ve set up an installment plan, or the statute of limitations for the collection of your tax debt is up.
All these can sound horrible to you. Fortunately, our Wisconsin tax levy lawyer can help you prevent all these and help you regain financial freedom in the most efficient way possible.
Preventing a Tax Levy
The best way to prevent a tax levy is to pay your outstanding tax bill in full and on time, way before the IRS considers a tax levy.
If doing this can be difficult, Defense Tax Partners can help you utilize the most appropriate tax debt relief program for your situation. Our tax lawyers will assess your debt amount, financial status, and earning potential to see which option will help settle your debts more efficiently.
Included in your debt relief options are:
1. Offer in Compromise
2. Installment Plans
3. Innocent Spouse Relief
4. Currently Not Collectible (CNC) Status
Even if the IRS tax levy is already initiated, we can still help you put a stop to it. We can file an appeal against the levy on account of your genuine financial hardship. As it gets approved, we will then negotiate with the IRS to grant you a payment plan where you’ll pay low or manageable monthly installments until your debt is fully paid.
Professional Legal Representation
Defense Tax Partners understands that being notified of an upcoming levy on your properties can be daunting. But it’s not at all a hopeless case if you work with our Wisconsin tax levy lawyer. More importantly, our expertise in federal and state tax regulations will allow us to help you with all other tax-related issues that you may face.
Our legal services cover the following areas and more:
1. Tax Resolution
2. Offer in Compromise
3. Wage Garnishment Removal
4. Penalty Abatement
5. Bank Levy Removal
6. Innocent Spouse Relief
7. Audit Representation
8. Passport Reinstatement
9. Tax Preparation
10. Tax Lien Removal
We work proactively and will tailor our service for your specific needs and situation. Regardless of how complex your tax problem may be, our lawyers can find a way to mitigate the penalties or give you the most favorable outcome possible.
Let’s Talk Now – Free Consultation
Being served with a tax levy notice is enough to put you into a panic. However, there is still time for you to act in order to keep your properties and to reach an agreement with the IRS about your tax issues. Talk to our tax levy attorneys and discuss all the options available for you.