Resolving Your IRS Tax Problems.

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Resolving Your IRS Tax Problems.

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Date: Sat, 17 Oct 2009 Time: 6:20 AM
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Depending on what type of tax problem you are facing, there may be more than one tax relief option available to you. You may be looking to file tax returns for one or more years and then be set up on an installment agreement. You may owe taxes for several years, do not have the means to pay the tax debt in full, and would like to propose a settlement or participate in a tax amnesty program. You may already be facing collection action due to unpaid taxes and must have a levy or garnishment stopped. Whether you fall under one of these categories or find yourself in an entirely different situation, a qualified tax professional can evaluate your case and determine the best possible course for resolving your tax problem.

State Taxes.

Every State has it's own taxing agencies and tax collection branches. Collection policies and procedures vary widely from State to State. However, because of the success of many of the wage garnishment and IRS' tax resolution procedures, such as the Offer in Compromise and Penalty Abatement programs many states have installed similar tax relief programs to help delinquent tax payers catch up and settle their taxes.

Bank Levy.

A levy is a legal seizure of your property to satisfy a tax debt . Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.

If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. For instance,

* The IRS could seize and sell property that you hold (such as your car, boat, or house), or
* The IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

The IRS will usually levy only after these three requirements are met:

* The IRS has assessed the tax and sent you a Notice and Demand for Payment;
* You neglected or refused to pay the tax; and
* The IRS has sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested. Please note: if The IRS will levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.

Source http://www.taxadvisoramerica.com