Once a taxpayer receives a levy is there any action the law firm can take to assist the taxpayer?
Our law firm can contact the IRS and attempt to obtain a full release or partial release of the levy. IRS agents generally look at the following in determining whether to issue a full release: 1) Compliance with all tax return filings 2) Compliance with withholdings or estimated tax payments 3) Excessive liquefiable assets (i.e. large balances in checking or savings accounts, etc.) 4) Showing that monthly allowable expenses exceed monthly gross income, thus creating an economic hardship 5) Providing documentation to support any expenses which the IRS might view as excessive or unreasonable (for example, a child support payment of $1,500 per month, etc.) Oftentimes, the IRS will require that the taxpayer resolve their back tax liability – either a one payment (see Full Pay Service, or Offer in Compromise), a monthly payment plan (see Installment Agreement, Streamlined Installment Agreement), or protected status (see Currently Not Collectible status) – before releasing the levy.
Our law firm can contact the IRS and attempt to obtain a full release or partial release of the levy. IRS agents generally look at the following in determining whether to issue a full release: 1) Compliance with all tax return filings 2) Compliance with withholdings or estimated tax payments 3) Excessive liquefiable assets (i.e. large balances in checking or savings accounts, etc.) 4) Showing that monthly allowable expenses exceed monthly gross income, thus creating an economic hardship 5) Providing documentation to support any expenses which the IRS might view as excessive or unreasonable (for example, a child support payment of $1,500 per month, etc.) Oftentimes, the IRS will require that the taxpayer resolve their back tax liability – either a one payment (see Full Pay Service, or Offer in Compromise), a monthly payment plan (see Installment Agreement, Streamlined Installment Agreement), or protected status (see Currently Not Collectible status) – before releasing the levy. A partia
