Disputing Previous or Current IRS Levies

If the IRS has been trying to get in contact with you, either by the telephone or in person but to no avail then this will more often than not lead to a levy being placed on you and your personal assets but aside from this, it is used as a method to try and establish contact with you.

The IRS Restructuring and Reform Act of 1998 have seen that they will do what they can to avoid issuing a levy on an individual but if frequent promises for payment have been made and not adhered to then it may be the only option.

A levy is put in place to allow the IRS to seize any personal assets or make relevant deductions from your income (whether this is from wages, a bonus or maybe even a gift) but anything is deemed noteworthy in order to clear any outstanding debt and this can include:

• Shares / Bonds / Shares
• Bank / Saving Accounts
• Offshore Accounts
  

There is a long list of items that can be taken from the large to the very small as long as it can be seized, assets such as the family home cannot be taken to clear any debt.

After a certain period of chasing by the IRS, you will eventually be issued what is a Final Notice of Intent to Levy which means this gives you one last opportunity to pay the amount (the maximum allowed repayment time at this stage is 30 days) but once this period has elapsed then money can be deducted directly from the household income or your assets will be seized without further notice or warning.

If you bring a case of this nature to us then we may be able to arrange it so all levies or action leading to a levy is frozen for a temporary period, which will provide us with the time to review your situation, and advise you on what is the best course of action to take. It could be one of three options:

• An Offer in Compromise
• Arranging installment Repayments
• Filing a Bankruptcy Petition
  

Remember that the IRS are there to help and they don’t want to take drastic measures such as issuing a levy, if you don’t give them a choice by ignoring their requests then they will be forced to act.