There are many ways that you can prevent a tax levy from going into effect. If you have received a notice from the IRS there is a good chance that the levy is going to take effect in the near future if no action is taken. This should worry you for a number of reasons. One thing to keep in mind is that the IRS does not want to levy your property. In fact, this is a costly process for them and one that they would much rather avoid. For this reason, they are more than open to you doing what you can to stop the tax levy from going into effect.
The IRS will begin to seize assets if you do not pay the money you owe them or come up with some other form of settlement. Does this mean that there is no stopping them? Definitely not. They give you many options for preventing the levy from going into effect.
1. Pay in full. You know how much you owe the IRS. If you have the money to pay them in full you can definitely stop the tax levy from taking place. This is the quickest and easiest way to stop the process. The question is: do you have the money to make this happen? Sometimes it is also an option to think outside of the box a bit to see if you have any other options to come up with the money quickly. One option, you can ask your family and friends for help. This is only a good idea if you know you will be able to come up with the money to pay them back in the near future. Do you have any assets you can sell quickly? Any art, or collectible cars? These are some things you should be thinking about.
2. Ask for an installment agreement. This is a common form of tax settlement, and if you do not have the money to pay in full it is what you should consider doing. With an installment agreement you are able to pay a small amount of money every month until your debt is paid. The IRS is likely to accept this form of arrangement as long as you don t have a history of defaulting on this type of agreement and as long as you can pay off the taxes owed in a period of 60 months or less.
3. Offer in compromise. With an offer in compromise you are truly settling your debt with the IRS. This is a way to prevent a tax levy without paying your debt in its entirety. To move forward with an offer in compromise you must meet several strict requirements. The IRS only accepts approximately 10 to 15 percent of the offers they receive.
Just like you, the IRS does not want to move forward with a tax levy. If you want to put a stop to this before it goes into effect, try out one of the three methods above. It is important that you act quickly to protect your assets. When dealing with an IRS levy it is also a good idea to consider a tax professional to help with your situation. A tax professional can quickly analyze your financial situation and get a plan of action together to quickly stop the levy and then work with the IRS to settle the taxes owed.
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Find more information on stopping an IRS tax levy or request help from one of our tax levy experts: http://www.backtaxeshelp.com
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