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The IRS takes unpaid taxes seriously, using tools like wage garnishments and bank levies to collect dues. Taxpayers affected by these measures often seek ways to release them to find other solutions for settling their tax bills.
Wage garnishments and bank levies are legal methods the IRS uses to seize a portion of your income or bank account funds to pay off your tax debt. In the case of wage garnishment, a portion of your paycheck is taken based on your tax filing status and number of dependents, leaving you enough to cover essential expenses. Bank levies hold your account balance for a period, after which the bank must send the funds to the IRS.
- Financial Hardship: Garnishments and levies can leave you with insufficient income for essential expenses.
- Legal Penalties: Refusing to file taxes is a crime, potentially leading to imprisonment.
- Loss of Income: Wage garnishments reduce your disposable income significantly.
- Restricted Funds: Bank levies temporarily freeze your account balance.
- Pay in Full: Paying the full amount owed can release garnishments and levies.
- SFR Reconsideration: If the IRS files a substitute return, you can file a late return to replace it.
- Penalty Relief: You may qualify for penalty waivers through first-time abatement or reasonable cause relief.
- Offer in Compromise: If unable to pay the full amount, negotiate with the IRS to settle for a lesser amount.