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Category: tax collection

How Does An IRS Bank Account Levy Work?

Some Common IRS Bank Levy Issues In most states, bill collectors can bully and threaten, but that is about it. Alas, the Internal Revenue Service is no ordinary bill collector, so it can do a lot of things that private debt collectors cannot do, and that includes an IRS bank account levy.  This all begs… Read more »

IRS Jeopardy Levies: The Silent Killers

How Can a Jeopardy Levy Place You In Jeopardy? As we have discussed in some previous posts, IRS levies are usually attention-getting tools as opposed to collection tools. The Service almost always cancels bank and other levies if the taxpayer enters into a repayment or other plan. But if the IRS suspects that it will… Read more »

IRS Expands Automated Levy Program

Federal Payment Levy Program

How the Automated Levy Program Works In the fall of 2017, there was a lot of talk about tax reform, and GOP leaders assured everyone that their paychecks would be a little larger thanks to their tax cuts. That may or may not be true, but one truth we do know is that some people… Read more »

How to Stop an IRS Levy Before It Begins

challenge an IRS levy

Prelude To Levy: How The IRS Begins The Seizure Process In 1942, the U.S. government asked noted director Frank Capra to make a propaganda film that convinced a skeptical American public that waging war against both Japan and Germany was a good idea. Prelude to War: Why We Fight was one of several such movies… Read more »

What to do if you get an IRS Levy Letter

tax levy letter

How to Keep the IRS From Taking Your Assets In most cases, correspondence from the IRS is enough to give taxpayers that sick feeling in the pits of their stomachs. The sensation gets worse if the notice contains a dreadful four-letter word, like l-e-v-y. Most people are not exactly sure what an IRS levy letter… Read more »

How Does the IRS Financial Analysis Process Work? Part I

financial analysis process

What are the steps in the financial analysis handbook? Almost all tax payment alternatives, from installment agreements to the Offer In Compromise program, mostly depend on the taxpayer’s ability to pay. To ensure consistent results between different field offices, IRS agents use the financial analysis handbook to make these determinations. It may seem like a… Read more »

The Three Stages Of An IRS Lien Notice

  The Extended Process Makes Fighting a Tax Lien Easier Sometimes, it seems like a federal tax lien comes unexpectedly, like a thief in the night. In fact, most people do not know that the IRS files a statutory lien almost immediately and without notice, so the Service has the legal authority to collect the… Read more »

How IRS Payment Plans Work

calendar of IRS payment plan

Available IRS Payment Plans Delinquent taxes, home mortgages, college tuition, DUI fines, and pretty much anything else can usually be reduced to monthly payments. In most cases, the moneylender unilaterally sets the payment terms and the other party can accept them or go elsewhere. But at least to some extent, IRS payment plans, work a… Read more »

What Qualifies As ‘Currently Not Collectible’?

Temporary Inability to Pay IRS Debt In many cases, financial relief has at least something to do with merit. Bankruptcy is a good example, as debtors who racked up hundreds of thousands of dollars in medical bills are more likely to qualify than debtors who charged luxury items on credit cards and refused to pay… Read more »

How Can The IRS Seize My Assets?

The IRS Asset Seizure Process A previous post examined the basic policies of tax seizures, and we learned that a lot of things must happen before the IRS takes action. However, once the IRS asset seizure process wheels start moving, they might very well grind you up.