IRS Wage Levy Release
By Houston TX CPA Jim Trippon, on the web at www.CPAHoustonTX.com
IRS Wage Levy Releases is a topic my CPA firm in Houston TX gets questions about all the time. If the IRS has placed a levy on your wages, rapid action is your only hope to avoid forfeiting your money, and worse, having the IRS make future levies. Our CPA Firm works with taxpayers not only in Houston, but also nationwide to release IRS Wage Levy’s. Here is the truth about how IRS Wage Levy Releases really work.
In the event that you have not resolved your outstanding IRS debts, a wage levy may be assessed. An IRS wage levy involves the IRS garnishing your wages to pay back your outstanding tax debts. Once the levy has been assessed, it will stand until the time limit has been reached (Statute of Limitations) or you have paid the tax debt in full, including all applicable interest and penalties owed.
There are some instances other than payment in full in which the IRS may choose to release a wage levy. The taxpayer must file an appeal to achieve this result. Review the following to determine if a wage levy release is an option for you:
You have paid the entire tax amount owed in full, including all applicable interest and penalties owed.
You can provide documentation to the IRS demonstrating that you will be able to repay the tax debt in full once the wage levy has been released.
You have an approved and executed instalment plan in force with the IRS to repay the tax debt in question.
The wage levy is causing extreme financial hardship for your household, demonstrated with documentation.
It is always best to work proactively to prevent a wage levy from being assessed. For more information about wage levies and possible wage levy releases, contact one of our trained tax professionals today.
About the Author: Jim Trippon CPA is the founder of J.M. Trippon & Company, PC a CPA firm in Houston, Texas that works with Houston taxpayers, business owners, and their families. Our CPA Firm works with taxpayers not only in Houston, but also nationwide to release IRS Wage Levy’s. For more information, or for help with an IRS Wage Levy Release for your family or business, please contact Houston TX CPA Jim Trippon at 713-661-1040 or visit our website at www.CPAHoustonTX.com.