What happens if you simply disregard all attempts by the IRS to collect taxes from you? The IRS has the power to seize your wages directly from your employer. This process, called a levy, occurs when specific requirements are met.
You should act immediately upon receiving the first Notice and Demand for Payment (“Notice”) in order to avoid a possible wage garnishment from the IRS. Any other response can have a devastating effect on your financial future.
If the situation evolves to the worst-case scenario, the IRS will demand that your employer remove a substantial portion of each of your paychecks and forward the money directly to Uncle Sam. The amount of the levy depends on both the amount of your paycheck and the amount of your IRS tax debt. In any case, most likely you won’t be left enough money to cover standard living expenses. This garnishment of your wages continues until the tax debt is paid in full or until the IRS issues a release to your employer. Obtaining that release can be extremely difficult to taxpayers not fully informed of their rights and the IRS’s standard operating procedures involving levies.
If you have received a Notice from the IRS, your best approach to dealing with the garnishment is to seek legal counsel, immediately. Law Offices of Christy Lee, P.C., will assess the situation and review your rights with you, then determine the best way to move forward.
As a tax boutique, our staff are well informed of IRS procedures and the best methods for obtaining a fair and equitable resolution to your tax issues. Don’t let your IRS tax debt become so dated that you have left yourself with dealing with wage garnishment. Give Law Offices of Christy Lee, P.C., a call immediately if you receive an IRS Notice demanding payment.