If Your Wages are Being Because of IRS Tax Debt We Can Help
Is the IRS threatening wage garnishment? Do not ignore these letters…
Often times people will get a notice in the mail saying they owe back taxes to the IRS and out of frustration they toss it aside. It gets forgotten about and soon a second notice comes, then a third, a fourth and a final notice.
The IRS does not like to be ignored. They expect all monies due to be paid to them or at the very least you contact them to make a payment arrangement. When this doesn’t happen, they move forward in the recouping process with out taking your situation into consideration.
They look at their own legal actions available to them. They will consider what tangible assets you may own (home, cars, boats, motorcycles, savings accounts, checking accounts, and income).
If you do not have assets, they are able to seize they will go to your place of employment and order your employer to withhold part of your earnings in order for you to pay off the debt – willingly or unwillingly it doesn’t matter at this point. Each pay period an amount decided by the IRS will be withheld and sent to them directly until the debt is fulfilled.
According to the US Tax Code the IRS is only required to leave you with a small amount of income after the garnishment. Whether or not that is enough for you to pay all of your other bills they do not consider their issue. Wage garnishment can be 85% of your income or higher. It is very much in your best interest to bargain with them before this happens.
All earnings are garnishable.
This includes your normal salary or hourly rate as well as commissions, bonuses, retirement investments or pension earnings.
To avoid having your wages garnished, it is in your best interest to work with a qualified tax attorney, to try and negotiate stopping the wage garnishment as soon as you get a levy notice letter and before your employer gets a letter to withhold taxes from your wages.
The first notice you receive by the IRS will tell you what you owe, including penalties and interest, and the due date for you to pay the balance in full. The IRS will send you a final notice 30 days before the wage garnishment begins. The final notice will be sent by the IRS using certified mail to your last known address. You must sign for this so there is no question that you received it.
Unfortunately, if the IRS does not have a current address for you, you may miss this final notice and your wages will be garnished without you knowing ahead of time.
Naples Tax attorney Todd D. Babbitt is knowledgeable on handling taxpayers wage garnishment problems. He can help you avoid a wage garnishment by either negotiating a tax payment plan, submitting an Offer in Compromise, or coming up with another resolution. www.BabbittTaxlaw.com. 239-300-9492.