What You Need To Know About Wage Levy

18 Jan

Wage levy, frequently called the IRS wage garnishment, is when the IRS grabs a fraction of your paycheck to placate back taxes in question.

In an ideal situation, you would find help or services that are always happy to help you prevent wage levy before the IRS garnishes your wages. Of course, you wouldn't want your employer to know about your tax problems; you see, a wage levy can come with tremendously difficult financial burden to shoulder. The great news is that there are great services that can help you to not only stop IRS wage levy is yet to be affected but also one that is in effect.

You see, the IRS will assess the amount that is due on your Precision Tax Relief, then they issue a notice and consequently, a Demand for Payment. And after numerous notifications that they will send you, they will offer you a final notice of Intent to Levy as well as a Notice of Your Right to a Hearing. As soon as 30 days elapses, that is after issuing you these notices, the IRS can now proceed to garnish your wages.

If you do not know how they do this, you do not have to look any further. Here is how the whole thing works.

First, the IRS will call your employer and ask them your payroll department to withhold a certain percentage of your wages. Your employer will then remit the withheld portion to the IRS department. And employers invariably comply with this order because they stand chances to be held liable for the amount not deducted that is if they fail to do so. And IRS garnishments are not like bank levies in that the former is continuous. It may even stay untouched unless the whole thing is stopped-that is until the wages collected cover your back taxes, related interest, and other penalties. Know more about irs payment agreement in this page now.

The best company can help you stop a wage levy in just 24-hours. And this is a great thing as stopping the wage levy wins people over time to either negotiate on your payments or contest the claims made by the IRS. You can click this website to find more info about tax https://www.youtube.com/watch?v=0ZLIWA4SN_k.

What is more, your agency will stop the levy basing on the negotiate an Offer in Compromise (OIC), claim economic hardship to reduce payments; an arrangement for a Streamlined Installment Agreement. And if you have debt it will be classified as Currently-Not-Collectible. You also need to prove that the statute of margins when it comes to collecting the back taxes has expired;

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