How to Get a Tax Levy Released
When you owe money in back taxes, the Internal Revenue Service (IRS) has many ways to collect the money you owe them. One of the ways they can gain access to your money is by using a tax levy. A levy allows the IRS to legally seize control of your assets.
This can include taking money directly out of your bank accounts, garnishing your paycheck, and seizing your vehicles or other personal property, all to pay off your tax debt.
If the IRS has seized your property, you might be wondering how to get a tax levy released. Fortunately, there are some instances when it might be possible to get the IRS to release a levy.
Getting a Tax Levy Released
If the IRS has seized your property by way of a tax levy, you can apply to have the levy released. There are several reasons the IRS would agree to release a levy and return your property to you. Here are some of the reasons they might do so:
- You’ve already paid your tax debt.
- The levy is causing you an economic hardship.
- The legal collection period ended prior to the levy being issued.
- The release of the levy will actually help you to pay off your tax debt.
- You agree to an installment agreement, and the IRS agrees to release the levy.
- The property seized has a higher value than the tax debt, and releasing the levy won’t hinder the IRS’ ability to collect your back taxes.
Once you apply for the release of a levy, the IRS will approve or deny your request. If they deny your request, you can appeal that decision.
Working with a Tax Attorney to Get a Tax Levy Lifted
It’s often a good idea to hire a nationwide tax professional for assistance with learning how to get a tax levy released. You simply need to contact The W Tax Group to discuss your case with a tax attorney at our office. Call 877-500-4930, or send over the online contact form below.