You Now Have the Opportunity to Stop Suffering From IRS Problems!
San Diego Wage Garnishments and Bank Levies Lawyer
If you find yourself in a position whereby you owe the IRS taxes which you are unable to pay, the IRS will send you a series of written collection notices. If the IRS does not receive a response to those notices, it can then take steps to engage in enforced collection. This involves seizure of bank account balances as well as a levy on your wages or income.
When the IRS issues a levy to your bank, the bank freezes your account and will not allow you access to the funds for a period of 20 days. If there is no release of the levy within those 20 days, your bank will then remit the funds to the IRS.
When the IRS issued as a wage levy to your employer, the net result on the average that you will take home only about 15% of your paycheck. The actual amount of the take-home pay depends upon the number of people you are supporting your family.
The bottom line is that the IRS puts a stranglehold on your finances if it gets to the point of issuing levies. The key to your financial survival turns on dealing directly with the IRS to work out a resolution which is affordable to you and acceptable to the IRS.
There are a number of ways to deal with the IRS, including the negotiation of installment payment arrangements, offers in compromise, or eliminating the tax liabilities which are eligible for discharge in Chapter 7 bankruptcy proceeding.
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