What Is The First Step You Do When You Receive a Levy Notice From the IRS?
Next Steps
In Mount Laurel, NJ the next step you will want to do is gather all of your financial documents and call our firm at 973.840.7350. We will help put together your case to the IRS and represent you to let them know that a levy will cause hardship for you and your family. We will need documented evidence that they levy will cause financial hardship for you, and if you can prove this, the IRS will release the levy. However, this is just putting a temporary band-aid on the situation, you will still owe the balance to the IRS. Once we get the IRS levy released, it just means the IRS will not garnish your income and will work with you to figure out a game plan to resolve the back tax debt.
Make Payment Arrangements
We can negotiate a payment plan for your back taxes with the IRS. If you are entered into an installment plan, the IRS will release the levy notice.
Get an Offer In Compromise
More often than not, you can get your back tax debt "settled" for less than what you actually owe. Oftentimes, for a lot less. This is what we call an offer in compromise. An offer in compromise allows you to settle your back tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability via payments, or doing so creates a financial hardship. the IRS will look into your ability to pay, your income, your expenses, and your assets to determine if you qualify for an offer in compromise.
If you qualify, the IRS generally approves an offer in compromise when the amount offered showcases the most they can expect to collect within a reasonable period of time. If you do move forward with an offer in compromise, make sure you hire a tax resolution professional to help you prepare, submit and negotiate an offer; and be sure to check their qualifications before working with them. In these situations, you want the best of the best to represent you before speaking to the IRS.
The IRS is no place for the faint-hearted. It's hard enough filing your taxes on time every year, but if you ever find yourself in need of tax resolution services that can help permanently resolve problems with the IRS- reach out to our firm today! We will look into your situation and give you the best options for your specific case. Contact one of our tax resolution specialist today.
309 Fellowship Road, suite 200
Mount Laurel, NJ 08054
Tel. 973.840.7350
Fax. 347.344.6942
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