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Understanding IRS Bank Levies and Liens...
Understanding IRS Bank Levies and Liens
Let's face it, having to deal with the #IRS can be a daunting and overwhelming experience for individuals and businesses alike. One of the tactics that the IRS uses to collect unpaid tax debts is through bank levies and liens. In this article, your premier tax resolution company will shed light on these complex processes and provide valuable insights to help you navigate through them. First, it's important to understand what an IRS bank levy is. When the IRS issues a bank levy, it means that they have the authority to freeze funds in a taxpayer's bank account to satisfy outstanding tax debts. This can be a distressing situation, as it can leave individuals and businesses without access to their own money. It's important to note that the IRS is required to send a notice of intent to levy before taking such action, giving taxpayers an opportunity to address the issue. In most situations, the IRS will send these threatening notices for several months before actually taking this drastic action. So, what can be done if you find yourself facing an IRS bank levy? First, we at Liberty Tax Defenders advise taking immediate action. The worst thing you can do is nothing. Reach out to us or another reputable tax resolution company to help you resolve your IRS problems. We have successfully navigated our clients through the process of releasing the levy and we can help you do so as well. Additionally, we will help you explore options such as Offers In Compromise, Installment Agreements, or Penalty Abatements.
In addition to bank levies, the IRS can also place liens on a taxpayer's property. An IRS lien is a legal claim against a taxpayer's property, including real estate, vehicles, or other assets, to secure payment of tax debts. Having an IRS lien can have serious consequences, as it can affect your ability to sell or refinance your property. If you have an IRS lien, we suggest taking proactive steps to have the lien removed. The easiest way to have a lien removed is to pay the tax debt in full. This may involve submitting an Offer In Compromise or setting up an Installment Agreement to satisfy the tax debt and ultimately release the lien. Again, if the IRS threatens to place liens on your property, don't ignore the notices; take action immediately. In conclusion, understanding IRS bank levies and liens is crucial for taxpayers facing tax debt issues. Seeking professional help from tax resolution companies like Liberty Tax Defenders can make a significant difference in navigating through these complex processes.
If you're dealing with the IRS and they are threatening to put liens on your property or levy your assets, don't forget to reach out to us at Liberty Tax Defenders for a free consultation.
To your success!
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