Did you received from the IRS a Notice of IRS Intent to Levy? You can stop the IRS right in their tracks! The IRS sends out CP 90 or CP 297, Notice of Intent to Levy simply because your case is open in their inventory and it needs to be closed. Many times this letter is sent certified to the last known address. The IRS has sent all prior notices to the same address.
You must take immediate action because just after a 30 day period of time, the IRS will start their enforcement proceeding on you. They will send out a Levy to your employer, also known as a wage garnishment or 668W and also send a notice of levy on your bank account, 668A.
The IRS uses the leverage of the levy to make sure all your tax returns are filed. What happens if you do not have your tax records to prepare your tax returns? Simply request transcripts by calling 1-800-908-9946. Ask the IRS for your income transcripts. They will send you all the reported income they have on file that has matched your social security number.
How you can stop them in their tracks. 1. First, you should contact a professional tax firm to ensure you will get the very best result and settlement objectives. 2. Make sure all your tax returns are current and up to date. 3. If all tax returns are not filed and up to date, the IRS will continue enforcement procedures on you to ensure you are fully compliant with all filing requirements. 4. After all of your returns are filed be prepared to give the IRS a fully documented current financial statement, a 433-F. 5. After reviewing the 433-F, the IRS will make a determination on how to close your case. I cannot overemphasize the need to hire a professional tax firm for this negotiation for the best possible result. 6. Be familiar with the IRS National Standard Program to understand which expenses the IRS will allow in your individual case.
After you have all that ready, call the IRS at the number shown on your Federal Tax Levy. Once they have the financial statement they will be able to give you a settlement based on the information provided. The IRS usually closes their cases in one of 3 ways:
1. IRS will put your case in Hardship 2. IRS will set up a payment plan 3. IRS will accept the filing of an offer in compromise.
By calling the IRS, it lets them know you are serious about resolving the tax issue.
In essence, once all tax returns are filed and you have your 433-F and all the documentation ready to go, call the IRS and start the negotiation process to settle and close your case.
You must take immediate action because just after a 30 day period of time, the IRS will start their enforcement proceeding on you. They will send out a Levy to your employer, also known as a wage garnishment or 668W and also send a notice of levy on your bank account, 668A.
The IRS uses the leverage of the levy to make sure all your tax returns are filed. What happens if you do not have your tax records to prepare your tax returns? Simply request transcripts by calling 1-800-908-9946. Ask the IRS for your income transcripts. They will send you all the reported income they have on file that has matched your social security number.
How you can stop them in their tracks. 1. First, you should contact a professional tax firm to ensure you will get the very best result and settlement objectives. 2. Make sure all your tax returns are current and up to date. 3. If all tax returns are not filed and up to date, the IRS will continue enforcement procedures on you to ensure you are fully compliant with all filing requirements. 4. After all of your returns are filed be prepared to give the IRS a fully documented current financial statement, a 433-F. 5. After reviewing the 433-F, the IRS will make a determination on how to close your case. I cannot overemphasize the need to hire a professional tax firm for this negotiation for the best possible result. 6. Be familiar with the IRS National Standard Program to understand which expenses the IRS will allow in your individual case.
After you have all that ready, call the IRS at the number shown on your Federal Tax Levy. Once they have the financial statement they will be able to give you a settlement based on the information provided. The IRS usually closes their cases in one of 3 ways:
1. IRS will put your case in Hardship 2. IRS will set up a payment plan 3. IRS will accept the filing of an offer in compromise.
By calling the IRS, it lets them know you are serious about resolving the tax issue.
In essence, once all tax returns are filed and you have your 433-F and all the documentation ready to go, call the IRS and start the negotiation process to settle and close your case.
About the Author:
Harris Smith runs thehome equity line of credit website. Don't Miss Out! Expert Debt Consolidation and lending programs for secured and unsecured debt.