© 2018 by Mark Eagan EA.

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TAX RESOLUTION

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IRS TAX LEVY RELEASE

A levy is a legal seizure of your property to satisfy a tax debt. If your property has been levied, you can request that the IRS release the levy. When the IRS issues a notice that it intends to levy and seize your assets you have 30 days to challenge the tax levy to attempt tax resolution or pay the amount due. 

 

The best course of action is to avoid the levy altogether, but if you cannot pay the tax debt in full before the IRS is scheduled to seize your assets, you may be able to remove the tax levy with proper tax resolution. 

 

The IRS is required to release a levy if it determines that:

  • You paid the amount you owe,

  • The period for collection ended prior to the levy being issued,

  • Releasing the levy will help you pay your taxes,

  • You enter into an Installment Agreement and the terms of the agreement don’t allow for the levy to continue,

  • The levy creates an economic hardship, meaning the IRS has determined the levy prevents you from meeting basic, reasonable living expenses, or

  • The value of the property is more than the amount owed and releasing the levy will not hinder our ability to collect the amount owed.

If the IRS releases a levy, it does not necessarily mean that you do not owe back taxes. You must still make arrangements with the IRS or the levy may be reissued. 

 

There are ways to remove a levy on your assets - and the Tax Man can inform you of the best way to proceed. Contact us to find out.