Those who need help dealing with an IRS bank levy can get the right assistance if they know where to look. Hiring a tax professional can help in many ways. The sooner you decide to do this the better off you are going to be. As you know, an IRS bank levy can greatly harm your financial situation. This is one of the harshest methods of collection used by the IRS. Fortunately, you can escape if you take all the right steps.

First things first, every bank levy case is unique. The reason for this is that each case has a different amount owed, and of course, every taxpayer is in their own situation. When you combine these factors it is easy for your tax professional to come up with a plan that will stop or release your IRS bank levy.

To start, a professional will do a complete analysis of your situation. From there, you will discuss your options, no matter what they are, and make a final decision on how to move forward. This is when you should feel free to ask questions. It is very important that you are on the same page as your professional so he can work with the IRS on your behalf. There is no such thing as a stupid question when it comes to getting help with your IRS bank levy. You need to make sure you know exactly what is going on. After the analysis of your financial situation the tax professional should have a good idea of which options to pursue. Below are a few methods the tax professional may pursue to help you remove your tax levy.

1. Enter into an IRS Installment Agreement: If your tax professional finds that you would be able to afford to pay your taxes in monthly increments and you are unlikely to miss a payment, then an IRS installment agreement could be the best option to pursue. When the IRS accepts the installment agreement the IRS bank account garnishment will be stopped and no funds will be taken. You will be considered in good standing with the IRS as long as you keep up on monthly IRS payments.

2. File for an Offer in Compromise: If your tax professional believes that you will never be likely to pay off the taxes you owe, even in monthly increments, they may want to pursue an offer in compromise. With an offer in compromise you will be allowed to settle your taxes owed for less and then be considered in good standing with the IRS once payment for the agreed upon amount is paid.

3. Help Prove Financial Hardship: The IRS does not want to seize assets from individuals that will be left with little money to pay for required necessities. The thing to know is that the IRS will seize your assets no matter how bad your financial situation is, unless your prove to them your financial situation. Your tax professional may use this claim to stop the bank levy from going through and this will buy more time for the tax professional to find a more lasting solution for you.

Hire a professional who has resolved many IRS bank levy cases in the past. The last thing you want to do is hire a professional who does not have bank levy experience – this will make things more difficult on you. A firm that offers a free consultation and no retainer is the type that you are looking for. This will lead to you receiving the best possible assistance.

When you work with a tax professional you can take care of your bank levy as soon as possible. The IRS prefers to work with professionals when it comes to bank levies, and you should too. This will give you a better chance of success.

Author Bio: Need help stopping a levy on bank account? We can help! Find all the information you need or request bank levy help.

Category: Finances
Keywords: bank account levy,levy on bank account,bank levy help,irs bank levy,bank account garnishment