IRS or State often take money from your paycheck or bank account by garnishment or levy. IRS may also place liens on your home and all other assets you own. Tax Liens can really make your life miserable! When your taxes are unpaid the IRS and/or the State files a lien against all of your assets. This gives them the legal right to collect taxes from the sale of your assets, which includes literally everything you own. The liens may be filed against you, your spouse, or your company depending on how the tax liability was incurred. Everything you own is in jeopardy of becoming property of the government.
Worse, liens filed against you show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. If a lender is willing to approve a loan for you, the interest rate will be higher when a lien appears on your credit report. Think about paying 18-22% interest on a car that is already too expensive. Buying or selling real estate is likely out of reach as well.
We can prevent this or have these action removed so you can pay your bills. If you are presently dealing with or concerned about a levy, garnishee, or lien we can help.
Credit Repair
Special procedures are available to remove all indications of federal tax problems from your credit reports. When properly handled and required conditions are met, these procedures allow all references to federal tax problems to be literally erased from your credit record even before they are fully satisfied. Taxpayers have seen dramatic improvement in their credit scores. Improved credit scores result in lower borrowing costs through reduced interest rates and enhancement of overall creditworthiness.
3rd Party Levy Removal
If you owe taxes to the IRS or State and ignore the problem, don’t be surprised if they respond with a “call to action”. A common way the IRS wakes up a delinquent taxpayer is to garnish their wages. If you are self-employed or in another situation where you don’t get a paycheck, you may be thinking “this is not a problem for me”.
If you do not receive a paycheck and therefore cannot have your wages garnished, that does not stop the IRS. They will use third party levy to get you. Not only does this procedure overcome the inability to garnish one’s wages, it’s worse because you may get nothing from your receivable.
A 3rd party levy requires your vendors and customers to remit 100% of your rightful money (your account receivable) they owe you over to the IRS until the taxes are paid in full. No one can afford to live on zero dollar and the IRS knows this. But nothing you can do to your vendors or clients after they received IRS order.
Nonetheless facing the possibility of working for nothing is scary. With more than 20 years’ experience, Anh Le CPA has been extremely successful helping taxpayers remove 3rd party levies and entering them into agreements they can live with. Instead of facing an impossible situation, call us today and use your unfortunate situation as leverage to negotiate a suitable agreement.
