4 Ways to Stop an IRS Tax Levy

Through a tax levy the IRS can seize your property. This is known as wage garnishment (if they levy your wages), bank account garnishment (if they levy your bank account). Of course, you only have to worry about this if you owe the IRS money and are hiding for one reason or the next. If you are facing a tax levy you will want to learn as much as you can about how to stop this from going to far. When you know how to stop a tax levy you can get back on track soon enough and hopefully keep all of your property in your possession.

Here Are Fourth Ways To Stop A Tax Levy:

1. Pay your tax debt right away. The best way to stop a tax levy is to pay what you owe without waiting any longer. If you do this the IRS is going to be happy, and you will be glad that nothing is hanging over your head. Even though this can be the most difficult way to stop a tax levy, it is also the method that you can be the most sure of. Simply put, if you pay what you owe you will not have to worry about a levy.

2. Consider an offer in Compromise (OIC). This is when you pay the IRS less than what you owe to settle your tax debt. Not only will this help you get rid of your debt, but it will also stop the levy process. For many, this is the ideal situation although without a tax professional the changes of having an OIC accepted is extremely rare. They get to save money, and at the same time they no longer have to worry about a levy. Unfortunately, it is difficult to take advantage of this method because the IRS requires that you meet certain requirements and also they typically don't accept OICs.

3. Hope that the lien expires before a tax levy is issued. This is a solution, but not one that you want to rely on. At anytime the IRS can extend the lien and once again put you in a bad position.

4. IRS Installment Agreement - Typically if you come to a payment agreement with the IRS such as an IRS Installment Agreement where you agree to pay your taxes over time they will not pursue levying your wages, bank accounts, or any other personal property you have.

The best way to stop a tax levy is to never put yourself in this position in the first place. If you do find yourself facing a levy, try one of the solutions above and reach out to a tax firm that has a diverse set of tax professional ranging from tax attorneys to tax accountants.

Stop IRS Levy
Find out more information on how you can stop and IRS levy and connect to a tax professional.