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When you have unfiled taxes, the Internal Revenue Service (IRS) may decide to place a lien on your real property or other assets, meaning you cannot sell it. If that fails to work, their next step in the collection process involves a levy, which seeks to satisfy your tax debt using the property that contains the lien. These levies could result in the seizure of your property or garnishment of your wages to address the tax debt.
A seasoned tax lawyer could review the notice sent to you by the federal government and assist in addressing the debt. In many cases, it is possible to avoid any further collection efforts by entering a plan to pay down the tax debt, which a Fairfax tax levy lawyer could explain further.
If you act quickly after receiving notice of the levy, you may be able to halt the proceedings—at least temporarily. The IRS is required to send something known as the Final Notice of Intent to Levy before it can seize your property to satisfy a tax obligation. This notice provides you with 30 days to request a hearing in front of the IRS Independent Office of Appeals.
A tax levy attorney in Fairfax can request a Collection Due Process hearing during that 30-day window. Far from a trial or court appearance, these hearings are informal and generally occur over the phone between your attorney and an IRS agent.
Although an appeal might only be a temporary solution, it could also provide your legal counsel with time to work out a way to resolve the debt and withdraw the levy.
Your options for resolving a tax levy will depend in part on how much you owe the IRS. If you have the resources to make payments but the debt is substantial, your best option may be a repayment plan. This option allows you to halt a levy and pay down the obligation in a way that is convenient for you.
There is also something known as an Offer in Compromise. This process involves offering to pay an amount that is less than the full tax debt that will settle the matter completely. The IRS will only consider an Offer in Compromise if there is proof the taxpayer has no way to satisfy the entire obligation. There may also be evidence that paying the full amount would result in undue financial hardship.
Determining a course of action in these cases can be challenging without help. A tax levy attorney in Fairfax could help you prevent the seizure of your assets and set up a repayment plan that satisfies the IRS. If you are unable to make the payments whatsoever, you might be eligible for Currently Not Collectible status. This will bring the tax levy to an end, but the IRS will continually review your case to see if you have gained the resources to start paying.
If you have received notice of an impending levy from the IRS, or if the levy is already in place, it is in your best interest to act as soon as possible. You might be hindered on what you can do with your assets, and they are at risk of being seized entirely, but these issues are often resolvable with the help of experienced legal counsel. Reach out as soon as possible to discuss your case with a Fairfax tax levy lawyer if your IRS debt exceeds $50,000.
Pontius Tax Law, PLLC is a tax law firm that strives to resolve sensitive tax problems through trust, dedication and value. The law firm was founded by John Pontius with offices in Washington, DC, Rockville, MD, Bethesda, MD, Fairfax, VA, and Alexandria, VA. Mr. Pontius represents individual and business clients with sensitive and serious tax matters before the Internal Revenue Service and state taxing authorities. His client base is local, national, and international.
Over the course of his career, Mr. Pontius has represented businesses and individuals with complex tax issues in the following areas: FBAR examinations, offshore and domestic disclosures, FATCA, FIRPTA, tax planning, unfiled tax returns, release of tax liens and levies, trust fund recovery penalty, IRS and state audit examinations, as well as appeals, penalty abatement, U.S. Tax Court litigation, along with defense of tax fraud and evasion. If you require assistance from a tax lawyer, contact Mr. Pontius to discuss your situation.
