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| *Loan,banking and credit>>>tax advice |
Now what advice do you have? IRS - Back Taxes - Levy Filed...Help I'm broke? |
Okay so it's not life and death, but overall I got his with my Bank accounts being frozen on Friday and a letter on its way to my company to garnish wages. I have contacted the IRS and they will be sending a letter to release my wages, however they are not willing to release my bank account money. This is a major issue as I have several checks in the mail, based on what was in my account. Now these checks will bounce and create more problems, which will ultimately leave me with no money to make payment on the back taxes...it's a crappy cycle and I can't seem to get out of it. Do you have any advice on how to communicate with the IRS in a way that they will show some support and thus release all or the majority of the funds within the bank accounts? You need to seek the help of an experienced, trustworthy tax professional. Someone experienced in IRS collection matters, and filing back taxes. Now the real issue is that the IRS has taken your money. The bank has twenty days from the date of the levy to turn the money over to the IRS. If you can get the levy "released" within that time period, the money will be re-deposited into your account without a problem. After twenty days, that money goes to the IRS and you'll have to jump through a lot of hoops to get it back. So, some good news. You can and should settle this matter very quickly. There's really only five ways to get out of tax debt (see the link below). Depending on your income and financial situation, it may be possible to have the IRS release the levy today. Hope this helps point you in the right direction. Source(s): http://taxes.about.com/od/taxdebts/a/tax... Sounds like you have been through the complete cycle with the IRS. Advice? Pray! My adivce is to first, avoid running afoul of the IRS. Because any connection between what they do and logic is purely coincidental. If you violate rule number one, find an attorney who is the meanest and smartest SOB in the valley to fight for you. Call the bank and let them know about the checks. It may save you the expense of return check charges. If you owe the IRS and can't pay, remember that interest and penalties are accruing on the original tax owed.... It is my understanding that filing a Chapter 13 Bankruptcy will stop interest from being added to the balance... Consult with a tax attorney or Enrolled Agent in your area. good luck personal experience |
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