IRS Tax Levy Questions and Answers - How to Save Yourself of IRS Debt

A Dose of Reality: If you owe the IRS, you can not escape your debt. You may wish there was some simple solution for removing bring one thing, but there is not. It is difficult to communicate with the IRS. So make sure to arm you with tax knowledge before taking it is not.

How long does a Levy takes charge?

It depends. Wage levies are continuous. Unless you work for the same employer, the IRS continues to withhold a portion of eachPaycheck. But bank fees are usually one-shot deals. The IRS would have to send another warning before they use the money in your bank account again. But beware, the IRS has the right to your assets as long as you owe use tax but only until the statute of limitations has expired.

Can I sue the IRS for the collection of my assets?

Not quite. If the IRS has improperly collected your money, unless you know you owe everything youhave the right to complain. (Internal Revenue Code 6343B). The IRS would have to return your property or it's value, together with interest, and they would pay for all attorney and legal fees have. But I will be frank with you. I've never seen someone who raises if the taxes owed. Do not try to sue you if you owe the IRS know. You will not win.

Can the IRS levy my assets?

The IRS can seize assets and even you up close whenTaxes are not paid. The IRS may use receivable by a company and destroy anything of value. But these are rare. If you own a small business, the IRS may not have much money through the seizure of fixtures. And you will usually not stand a chance to pay the IRS back when they shut down. They are using good defense if the IRS tries to collect every company asset.

Tip: If you have your assets have already been taken andauctioned? You still have a small chance to redeem your property. (Internal Revenue Code 6337) The so-called "right of redemption." This means that you have the right to the land from the new owners have bought back. This is something you should consider if you desperately need to gut the item seized.

Now You Have The Smoking Gun ... Use it!