The IRS does not leave any stone unturned when it comes to collecting tax debt for the United States Government. When a taxpayer has a tax debt, the IRS will protect its interest by filing an IRS tax lien. A tax lien is a record that is placed on any real property that you own and the IRS will place this lien so they have the first right to it. This record is then sent to credit reporting agencies, which will affect your ability to get credit and loans. Therefore you will not be able to buy or sell a property. Liens can be very embarrassing, harmful and frustrating as they are intended to freeze your assets so you pay your back taxes.
Wolf Tax will utilize all resources available to effectively remove, subordinate, and suspend the current lien. If a lien has not been filed, Wolf Tax will take all necessary actions to prevent any liens from being placed.
The most preferred way for the IRS to collect taxes is to issue a levy. A levy is the seizing of money from your bank account or from your wages. When the IRS issues a bank levy, your bank upon receiving notice of the levy will place a freeze on your bank account. You then have 21 days to come to a resolution with the IRS to get the levy released. If a resolution is not reached within that time the bank must send the funds to the IRS. A wage levy also known as a wage garnishment becomes effective once your employer receives it. The employer is then required to send a portion of or all your wages to the IRS. Levies can be very frustrating and embarrassing especially when you need the money.
Let an experienced professional at Wolf Tax diagnose the problem to come up with the best solution for you to get the levy released.
Unfiled Tax Returns
Tax Debt Resolution Requires the Filing of Back Taxes
The best way to ease the financial stress created by the IRS is to file all past tax returns. When you neglect to file your return, the IRS has the option and often does file a substitute for return for you. These returns have a lot of unfavorable results including, but not limited to liens, levies unwanted fees, interest and penalties.
It is in your best interest to contact a representative at Wolf Tax as soon as possible to help you file original returns, which can result in lower to no balances, reduced penalties and interest.