Trying to stop an IRS levy can be a difficult task. The IRS is difficult to work with. If you owe them money, they are going to do everything to collect.
A failure to manage your taxes accordingly can lead to the frustrating and hurtful process of an IRS levy. Levies can be expensive processes that can send you down an expensive and challenging path. To deal with that, it helps to have a trusted accountant on hand to take on the brunt of the task. Handling a group like the IRS without professional assistance can be a challenge too far, and leaves you liable to take the conditions provided on their terms, and their terms alone.
When dealing with a levy you can find that refunds are cancelled to you, your wages could be reduced or other assets could be eaten into to try and satisfy these demands. If this sounds like what you want to avoid, then it helps to turn to our team here for assistance.
Handling an IRS Levy
The best thing that you can do to try and stem the tide of an IRS levy is to respond to the notice given to you by the IRS themselves. They will send you out a notice, and if you can afford to pay the tax due then you should right away. That is the easiest way to avoid IRS levies from getting worse and becoming protracted and expensive.
However, this does not always work – the IRS can be fairly unforgiving when this kind of situation develops. The longer you have to wait to make the payment, the longer the interest will go on for and the greater the penalties will become.
Even if you cannot pay the fees needed just now, you should inform the IRS you are unable to pay instead of just ignoring it. You might be able to work out some kind of payment plan with the IRS as compensation. However, it’s always possible and when that occurs it pays have the expertise of a CPA on hand to offer a solution.
The levy will eat up your assets, from your home and car to the wages you need to live on. Making some form of offer in compromise is one solution, but not many people find success with that. What you should be concentrating on, then, is finding a professional accountant who can come in and help you manage this delicate situation.
If you believe that you need help in arranging an active solution to combat the challenges that the tax scenario has created, then hire an accountant. They can come in and take a look at the situation, and provide you with the best options and the easiest likely successful scenario to provide to the IRS as a potential compromise.
If you live in San Diego and need IRS representation, visit Abbo Tax CPA.