Tax Problems - IRS Levies
Resolve your tax problems and IRS liens
Ignoring IRS’ reminders to pay your back taxes might do a lot of damage in your life because they might issue you a tax levy to get your immediate attention. If a tax levy is filed against you, it means that the federal government will take over all your property to pay for the taxes owed by seizing your wages, bank accounts, and other assets that you have. Tax levies can also include autos, stocks, bonds, boats, as well as Social Security checks. After you’ve got a tax lien, tax levies typically follow.
Once you receive a tax levy, the following situations could happen and may affect you:
- You won’t be earning enough. The IRS will take all your money until you cover all your tax liability. Your employer might cut down a portion of your earnings each payday.
- Your bank accounts will be cleaned out. When the IRS issues you a tax levy, they typically contact your bank account and ask for a 21-day hold on your account. Your bank may send some or all of your money to the IRS if you still haven’t worked things out with them and this means checks will bounce, alerting many people that you have tax problems.
- Your house could be in trouble. The house could be the last resort but it could happen and the IRS could seize your property.
There are some items though that can’t be seized such as unemployment benefits, certain annuity, and pension benefits, disability payments, worker’s compensation, public assistance payments, child support payments, as well as school, work, and other household items.
To get rid of the tax levy and to give you peace of mind, ask help from a reputable CPA firm such as Marcus, Fairall, Bristol + Co., PLLC. For over 30 years, our accounting firm has helped individuals, businesses, and not-for-profit organizations in El Paso, TX, and the surrounding areas with one-stop, full accounting services including IRS negotiations for tax levies. We are licensed by the Texas Board of Accountancy and the New Mexico Public Accounting Board. Our certified public accountants are members of the American Institute of Certified Public Accountants and the Texas Society of CPAs. Our managing partner is certified in Forensic Accounting by the American Institute of Certified Public Accountants (AICPA).
If you can’t handle your tax problems on your own, Marcus, Fairall, Bristol + Co., PLLC will do this job for you. If you make an appointment with us, we will advise you on the options and steps you can take. We will represent you once you agreed to hire us by filing a Power of Attorney to the IRS. Through this process, the IRS will be required to discuss with us instead of you, providing you immediate relief and peace of mind.
On your behalf, we can ask them to get you an IRS payment plan. Despite your tax balance’s accumulated interest and penalties, we can make them allow you to obtain an installment agreement that will let you take three consecutive payments right out of your bank account. This may convince the IRS to withdraw the federal tax lien from public records. But keep in mind that payment for your tax debt is still required.
Another option that our company can help you with, is asking for an Offer in Compromise. It is an offer to settle less than the full amount you owe. You just need to file all your tax returns and make the necessary estimated tax payments for the current year. If you do this, the IRS might consider to qualify you.
We can also represent you to file an appeal. If you want a review of a lien or levy notice, asking for a collection due process from the IRS Office of Appeals may be recommended. Our company can do IRS audit representation and ask the Office of Appeals to review the case.
Although it may be a long process, you can also file for bankruptcy to get rid of tax debt. You just have to be prepared because filing for bankruptcy will entail a lot of rules and it may not be effective in some cases.
Whether you need an immediate answer to your urgent question or request for a no-obligation and free evaluation, don’t hesitate to call our office and we will ensure you that we have all available options for resolving your tax-related concerns.
“As outside counsel, we determine if there is evidence to prove criminal mismanagement, embezzlement, evidence of stolen merchandise and/or laundered money. It’s our job to set things right when our clients must prove they are victims of financial fraud.” ~ David Given Marcus, CPA, CFF, Managing Partner of Marcus, Fairall, Bristol, + Co PLLC
MARCUS, FAIRALL, BRISTOL + CO., PLLC
230 Thunderbird Dr Ste G, El Paso, TX 79912
Phone: (915) 775- 1040
Full-Service CPA Firm in El Paso