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Understanding the IRS Levy Notice: A Guide for Non-Filers in Mount Laurel, NJ

Industry Observer with OnPoint Resolution LLC

Receiving an IRS levy notice in Mount Laurel, NJ can be an overwhelming experience, especially if you are not familiar with tax laws and regulations. The thought of your assets being frozen and seized by the IRS can be scary, but understanding what the notice means and what steps you can take can help you avoid further consequences. 

What is an IRS Levy Notice?

An IRS levy notice is sent to taxpayers who have unpaid tax liabilities. This means that the IRS can legally seize and sell any property or asset you own to pay off your outstanding tax debt. The notice will specify the type of asset that may be seized, such as bank accounts, wages, or property, and provide a deadline for you to respond. Failure to respond or pay the debt can lead to further collection efforts, such as penalties, interest, and wage garnishment.

What Does an IRS Levy Notice Mean for Non-Filers in Mount Laurel, NJ?

If you have not filed your tax returns in Mount Laurel, NJ, you may still receive an IRS levy notice if the agency has obtained your tax information from other sources, such as your employer or financial institutions. Non-filers are at a higher risk of receiving an IRS levy notice since they have not filed a return or made any payments towards their tax liability. As such, the IRS may use aggressive collection methods to recover the debt, including levies and liens.

What Can You Do to Resolve an IRS Levy Notice in Mount Laurel, NJ?

If you receive an IRS levy notice in Mount Laurel, NJ, it is important to take immediate action to avoid further collection efforts. The first step is to contact the IRS and discuss your options. You may be able to set up a payment plan to pay off the debt in installments or request an offer in compromise, which is a settlement agreement that allows you to pay less than the full amount owed. You can also file your delinquent tax returns and request a penalty abatement to reduce the amount owed.

If you cannot afford to pay off the debt, you may be eligible for a hardship status, which allows you to postpone collection until your financial situation improves. If the IRS has levied your bank accounts or wages, you can file a claim of exemption or release of levy to protect your assets. It is important to seek professional help from a tax resolution specialist or attorney who can guide you through the process and negotiate with the IRS on your behalf.

Receiving an IRS levy notice in Mount Laurel, NJ can be a daunting experience, but it is not the end of the world. Understanding what the notice means and what steps you can take to resolve the issue can help you avoid further consequences and protect your assets. It is essential to take immediate action and seek professional help to ensure the best possible outcome. Remember, the IRS is willing to work with taxpayers who are willing to comply with tax laws and regulations. Do not hesitate to contact them and explore your options for resolving your tax debt.

7 Secrets the IRS Doesn't Want You to Know

Fanta Kaba

OnPoint Resolution LLC

309 Fellowship Road

Mount Laurel, NJ 08054

Tel. 973.840.7350

Fax. 347.344.6942

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hope to never have to deal with IRS. Have a super fantastic week!

Bill Salvatore, Realtor- Arizona Elite Properties

Jul 17, 2023 11:48 AM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great post!  Thanks for sharing and enjoy your day!

Jul 31, 2023 06:37 AM