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IRS Wage Garnishments
If you are delinquent on your taxes and you have failed to pay after the IRS repeatedly sends you collection notices they may take action to place a levy on your wages, a levy on your bank account or even seize your assets. It is important for taxpayers to understand that the IRS is one of the only government agencies that can garnish your wages, levy your bank accounts or seize your property without a court order. Granted, there are protocols in place that restricts the IRS from immediately seizing your assets or from levying your wages or your bank accounts, but they do not need to go to court to take your assets from you.
In some cases, we can stop IRS wage garnishments in as little as 24 hours. Call for help now (888) 332-8959.
The consequences of garnishments.
Wage garnishments from the IRS can be devastating to you professionally and personally. When the IRS takes action, they will notify your employer and demand a specific amount of your wages be paid directly to the IRS. This can undermine your position at your place of employment and cause you hardship. Some employers have terminated employees over such issues although there are laws in place to protect employees from these real threats. For example, employers that terminate employees over wage garnishment or levy issues could be fined up to $1,000.00 and/or imprisoned for up to one year. While this is not very well known to employers, the real threat at your place of employment is being thought of as a financially irresponsible individual.
A Levy vs. Garnishment
Sometimes the IRS will take action to levy a bank account or decide to take action to garnish wages. The reason why garnishments can be exceedingly disastrous is not only because they can harm your reputation at work but they are in continuous effect until the entire tax debt owed is repaid. When the IRS places a levy on your bank account, it is only for a specific amount and does not have continuous effect, meaning, the IRS cannot debit the account in the future, a new levy would have to be put in place. Garnishments, however, have a continuous effect; your employer will be legally obligated to continue to deduct earnings from your wages and pay them directly to the IRS until the entire debt is repaid.
Exemptions and other sources of income
Under certain circumstances, the IRS is restricted from garnishing excessive amounts of earnings from you. If you are court ordered to pay child support and if the amount garnished will eliminate the possibility for you to pay child support you can obtain an exemption. Other exemptions may apply based on a weekly calculus of exempt items. To learn more about exemptions, call IRS Tax Relief Now, Inc. at (888) 332-8959 for more information.
If you have multiple sources of income the IRS can take action against them all, however under certain circumstances, you can get the IRS to stop enforcement action against one or more sources. To get assistance stopping garnishments from multiple sources of income, contact IRS Tax Relief Now, Inc. for more information at (888) 332-8959.
Removing Wage Garnishments
IRS Enforcement action such as liens and levies of accounts or wages does not occur immediately. In most circumstances, taxpayers that fail to pay back taxes owed have been contacted multiple times by the IRS before extreme actions like this are taken.
What you can do. You can call the IRS direct and discuss your options with a Revenue Officer or you can call an Enrolled Agent or tax attorney for advice. Understand, however, that when discussing your issues with a Revenue Officer directly, their main concern is obtaining the most revenue possible from you, the taxpayer. Their job is not to minimize your overall tax debt owed. If you choose to speak to an Enrolled Agent or tax attorney, their job is to jealously represent their clients and minimize the overall tax debt owed.
How Enrolled Agents and/or Tax Attorneys can help. As stated previously, collection actions involving liens or levies of accounts and/or wages are typically last ditch efforts to secure tax revenues from non-responsive tax payers. Enrolled Agents and tax attorneys will first review your entire tax situation, meaning, they will analyze first your tax debt owed, determine if the tax debt(s) owed are from multiple years and then determine the best way to minimize the debt, contact the IRS on your behalf, obtain a settlement plan and request that your garnishment be lifted.
In most cases, tax professionals will find additional deductions you may be able to claim or other ways to reduce your overall debt(s) then, if applicable, re-file taxes for a specific year or multiple years to minimize the tax debt. If you are unable to pay the entire tax debt owed, in many cases the Enrolled Agent or tax attorney will obtain an installment agreement for you.
Beware of advertisements in the media that claim to be able to minimize tax debts to a small, specific percentage or claims to reduce your debts to “pennies on the dollar.” In most cases, in the settlement of tax debts, payment plans are arranged on behalf of the client to make it affordable for the taxpayer to pay back their debts that are affordable for the client.