Tax Levy Attorney: How to Deal With the IRS When They Take Your Income
A tax levy is a legal process that involves the seizure of a person’s personal or commercial assets to be sold in order to satisfy a debt. This includes personal real estate to real property, bank accounts to savings accounts and vehicles to vehicles. A tax levy may also mean the seizure of a business or personal assets. A tax levy attorney in Loveland, CO can assist you in defending yourself against such levies or in avoiding them altogether. A tax lawyer can help you understand the ins and outs of tax laws, settle your outstanding tax bills, or negotiate with the IRS to extend the time period allowed on the due date of each installment.
If the Internal Revenue Service (IRS) has ordered you to levy your property or if a court has found there is a valid claim against you, it is in your best interest to seek professional help from a tax levy attorney. Such an attorney could release your tax lien or tax deficiency balance in exchange for an assurance from the IRS that the lien will not be implemented. In some cases, you could release the balance without paying the entire balance, but this is not advised unless you have the funds available upfront and are in a strong financial position to do so.
When a tax lien is placed against your property, you could face serious consequences unless the IRS can afford to collect the money owed. Levying lien is a complicated and lengthy process that will require the services of a tax levy attorney who has the expertise and knowledge of local and federal tax law. It is common for taxpayers to place tax liens when they are unable to pay their debt in full or they become delinquent on their tax payments. In some instances, the lien may be placed for future financial security of the owner. In other situations, the lien is placed because the owner is delinquent on tax payments and is unable to catch up with his or her delinquent accounts. Tax levy attorneys specialize in placing and collecting tax liens and are experienced in negotiating with IRS agents and other government agencies.
If you are facing a tax levy, you will likely be ordered to repay a portion of your debt, known as the accrued amount. In many cases, you will not only be ordered to repay the debt, but in some cases, you will also face criminal prosecution for tax evasion and fraud. It is important to hire a tax levy attorney who has experience in dealing with situations similar to yours and who can negotiate the appropriate actions to resolve your problems. Before you make a decision about whether you need help with your tax problems, you should consult an experienced tax lawyer to get more information about the options available to you and to find out how to go about recovering your money.
One option to avoid the necessity of garnishing your wages is to pay your delinquent taxes in full by placing the money in a trust account or one of many similar options. If you are unable to do this because you have already been forced to liquidate part of your income or because you are in a situation that allows garnishments, you may still be able to solve your problems by using a tax levy attorney to obtain a temporary restraining order against the IRS. This order prohibits the agency from coming after your wages until the case is settled, which could take years, during which time you will have to pay the remaining debt in full.
Even if you are not in default on your loans, the IRS may still decide to send you a final notice. If this happens, it is best to consult a tax attorney as soon as possible so that you can prepare for any eventualities. The final notice instructs the agency to send you a final notice of intent to levy your assets, which usually happens after two weeks. A tax levy attorney can advise you on how to respond to the notice and how to proceed. While you will be required to respond within twenty-one days, the sooner you start your preparations, the better your chances of avoiding the possibility of having all of your assets levitated.