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Posted in Business

IRS Garnishment: How to Stop It

Many taxpayers are taking on debt in this failing economy and the people at the IRS are attacking them like never before. An IRS garnishment can put you in a bad financial situation as the federal government can legally seize your income and other assets you own. Nothing can be as embarrassing as this situation for any person, so one must immediately take action to get out of this terrible lien. This article discusses some of the key steps.

What type of IRS levy is it?

If it is a bank garnishment, the IRS will freeze your bank accounts and take all the money in the account up to the amount you owe. The bank will hold the leveraged funds for 20 days before turning them over to the IRS, so you must take action within this time to get your money back.

If it is a wage garnishment, you can immediately release it if you pay your tax debt in full. If that’s not possible, try the available options to stay on top of your presentation. Because the IRS will leave you with only a couple of hundred dollars a week to live on and they won’t care if you have enough money to pay your other bills.

Who should you contact?

To remove the lien, contact the IRS employee who issued the lien and get all the necessary information from them. Otherwise, call the IRS at their toll-free number to find out how much you owe, and also check your credit report. If the IRS has assigned your case to a revenue officer, contact them immediately and try to get your tax liability resolved.

How to negotiate with them?

It is best to let a tax attorney speak for himself, as it is very difficult for a common man to negotiate with the IRS people. They work for the government and not for you, so they don’t even care about your current financial situation and will continue to hassle you until you pay your taxes.

There are certain rules to follow in case you cannot hire an attorney right away. If you can’t afford something, don’t accept it. It’s okay to tell the IRS that you need to talk to the taxpayer advocate if he thinks your tax debt is inaccurate. You or your attorney can talk to the IRS agent and work out a ‘collection alternative’ to wage garnishment. Some of the options you can get are IRS payment plans, applying for hardship relief from IRS proceedings, negotiating an offer in compromise, or filing for bankruptcy to protect your wages.

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