Those that owe sizeable quantities of tax debt to the IRS are generally concerned about the risks connected with undergoing a IRS Garnishments. Tax levies are perhaps one of the most frequent fear occurrences that are connected with the IRS in general. Generally, these feelings only occur if the individual is not able to pay their tax debt or has not taken any action to alleviate the situation more appropriately.
Essentially, a IRS Garnishments takes place when the IRS seizes your property as payment for the tax debt that you owe. The law states that the IRS does not have to take action in a court to be able to be approved for their decision. Furthermore, the IRS is allowed to take any kind of belongings that you have in exchange for a payment. This means that property, such as a home, car, or anything of actual worth can be used as a payment for your debt.
The IRS is permitted to sell your property so they can lessen your tax debt or the amount you owe. A different option happens when the IRS takes money out of your paychecks or any income as a form of settlement also. Even if you are receiving money from a loan or have taken out life insurance, the IRS can control these factors and use them as a method to get back the money that you owe for taxes.
It must be noted that this does not mean that the IRS is in search of taxpayers that can levy for access to resources. Most levies only occur when the individual has gone out of their way to get around making crucial payments or other components that have come up over time. For example, the IRS will contact you with a form that discusses that you need to make a payment towards your taxes. If you disregard the original contact, they will try to communicate with you again. If it seems that you are deliberately ignoring them, they will send a letter telling you that they mean to levy you and notify you about a hearing that you can attend within 30 days. If you do not take any action, you will be levied.
Usually, the IRS will contact you with intent to work with you on payments instead of a IRS Garnishments. The use of a levy only takes place if it appears like you are intentionally avoiding making payments or you have refused. Of course, there are also cases where you can receive a levy notice but there is no corresponding action. In example, if you receive a notice but you have paid your obligatory tax payments, it’s less possible that you are going to be given a levy. Furthermore, if the IRS has made errors in determining the levy, there is not a great chance that it will truly happen.
Even though getting a IRS Garnishments notice is likely to make you feel stressed out and anxious regarding your belongings, there are always actions you can take to avoid the levy from happening. If you contact the IRS and make your payments or tell them that there has been an error, the levy can be prevented.
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People who normally owe the IRS a considerable quantity of tax debt often have a concern about the danger of experiencing a tax levy. Tax levies are perhaps one of the most frequent fear occurrences that are associated with the IRS in general. Nevertheless, these feelings only tend to happen when people are unable to pay their debts at all.