IRS levies are legal seizures of your property to satisfy some outstanding tax debt. In other words, when you don’t pay your tax debt, the IRS can levy (seize) your property and sell it to get the money owed for your tax debt. While IRS levies can impact people’s homes, vehicles, and other personal property, they can also affect people’s bank accounts, retirement accounts, and other assets.
If you have received a notice that the IRS intends to levy your property, it’s time to contact the trusted Denver metro area bankruptcy attorneys at Garcia & Gonzales, P.C. We are skilled at:
- Dealing with IRS agents
- Getting IRS levies removed
- Helping people favorably resolve their serious tax debt issues.
When IRS Levies Are Imposed
According to the IRS, levies are generally only imposed when the following three requirements have been satisfied in a given case:
- The IRS has assessed the tax debt and sent a person a Notice and Demand for Payment.
- The person failed to pay the tax debt.
- The IRS has sent a Final Notice of Intent to Levy and Notice of Your Right to A Hearing, and the person has still not taken the appropriate action. These notices are usually sent at least 30 days before IRS levies are imposed.
How to Get IRS Levies Removed
Once IRS levies have been imposed, they will continue to be in effect until the IRS removes the levy, the person has paid his tax debt, or the time for legally collecting the debt has expired. Of these options, getting IRS levies removed can be the best option for people struggling with debt, and this course can be completed as follows:
- The IRS has to be contacted, and a meeting with an IRS agent should be scheduled.
- The debtor will have to work out an acceptable repayment plan for his tax debt with the IRS.
- If repayment is not an option, the debtor will have to prove that he qualifies for an offer in compromise to resolve his tax debt.