The IRS has an incredibly powerful tool at their disposal - The Levy! When a taxpayer owes the government and the IRS follows proper proper procedures, they have the ability to levy the assets of the taxpayer along with rights to income flows such as wage garnishments. Wage garnishments are especially harmful because they are "Continuous" Levies. As a continuous levy, they stay in effect (and the IRS continues to garnish wages), until an event occurs to release the levy or make it no longer enforceable.
Taxpayers often find that they are unable to survive on the amount of payroll that is "exempt" from the levy. To find out how much is exempt, see IRS Publication 1494 https://www.irs.gov/pub/irs-pdf/p1494.pdf. Taxpayers sometimes get confused when reading Publication 1494 thinking that the amounts are the amounts the IRS can levy. These amounts are the amounts the taxpayer takes home with payroll. The IRS realizes that taxpayers can't survive on these amounts and often are just looking for the taxpayer to respond to the IRS and get in an acceptable solution.
To learn more about what to do if the IRS garnishes your wages, watch my video at https://youtu.be/5KyhMbeBU9Q.
If you find you need professional help, set up some time on my calendar at https://jablonskyandassociates.com/contact/.
Comments(0)