I’ve said many times in the past that the IRS is like a sleepy bear. For most, relatively minor, things they may growl at you, but it is typically a while before they take real action. In some areas, though, this has been changing since the appointment of Charles P. Rettig as the Commissioner of the IRS at the end of 2018.
The general sense within the taxpayer representation industry is that the appointment was an excellent move. This is the first time in decades an experienced tax professional is heading up the IRS. Rettig was a practicing tax attorney right up until he was tapped to take on the job. This means the man running the show has practical experience working with the IRS on behalf of clients and understands its shortcomings. I’ve met Rettig, and heard him speak, and am expecting to see a lot of great changes.
You should be mindful, though, that Rettig has promised increased enforcement action in a lot of areas. As a result, one thing I’ve noticed is a big uptick in levy action.
At Vector Tax & Accounting we specialize in taxpayer representation and tax resolution. Over the past few months, I have been legitimately surprised by certain clients coming into my Hartford county, Connecticut office, or calling for a consultation, about an active wage levy. Also surprising is that in the past two months I’ve talked to as many people about wage levies and garnishment as I previously would have over the course of a full year.
If you owe money to the IRS there are several letters they’ll send out. (If you look at the top right corner, you’ll be able to see which specific one it is.) The most common are CP14, CP501, and CP503. If any of those are the most recent letter you received, then a levy is coming up soon and you’ll want to act quickly. A more concerning letter that’s starting to appear more frequently is LT11. If you get an LT11, then levy action is just around the corner. Contact me immediately so we can protect you from a wage levy.
Even if the IRS has already started garnishing your wages we can still help. Money that’s already been taken is difficult to get back, but not impossible and I have had a lot of success with stopping the levy, so you get your full paycheck moving forward.
Vector Tax & Accounting LLC
576 Elm St.
Windsor Locks, CT 06096