Receiving a letter from the IRS can be a scary experience, especially if you haven't filed your taxes in a while. If you're a non-filer in Mount Laurel, NJ, and you receive a notice of levy from the IRS, it's crucial to understand what it means and what your options are.
An IRS levy notice is a legal document that gives the IRS the authority to seize your assets, such as your bank account, wages, or property. The notice will typically be sent to you by certified mail, and it will inform you that the IRS intends to seize your assets to satisfy a tax debt that you owe. This can be an alarming situation, but it's important not to panic.
The first thing you should do if you receive a levy notice is to review it carefully and make sure that it's accurate. Sometimes, levy notices are issued in error, so it's essential to ensure that there are no mistakes or discrepancies. If you do find any errors, you should contact the IRS immediately and provide them with the necessary documentation to correct the mistake.
If the notice is accurate, you should take action to resolve the issue as soon as possible. One option is to pay the tax debt in full, which will release the levy and allow you to regain control of your assets. If you're unable to pay the full amount, you can also negotiate a payment plan with the IRS that will allow you to pay off the debt over time.
In some cases, you may be able to negotiate a compromise with the IRS, which will allow you to settle your tax debt for less than the full amount owed. This is known as an offer in compromise, and it can be a good option if you're unable to pay the full amount and have little chance of doing so in the future.
If you're unable to come to an agreement with the IRS, you may want to consider seeking the help of a tax professional. A tax professional can help you understand your options and negotiate with the IRS on your behalf. They can also help you prepare and file your delinquent tax returns, which is often a requirement before the IRS will consider any payment plans or offers in compromise.
Receiving an IRS levy notice can be a scary experience, but it's essential to understand what it means and what your options are. By reviewing the notice carefully, paying the tax debt in full (or negotiating a payment plan or offer in compromise), and seeking the help of a tax professional when necessary, you can resolve the issue and regain control of your assets. If you're a non-filer in Mount Laurel, NJ, facing an IRS levy notice, don't hesitate to take action and seek help if necessary.
7 Secrets the IRS Doesn't Want You to Know
309 Fellowship Road
Mount Laurel, NJ 08054
Tel. 973.840.7350
Fax. 347.344.6942
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