If you have received notification that your wages are being levied, you probably are looking to have it released as quickly as possible. Your first move is to determine whether or not you have filed all your tax returns. You must have filed at least the last 6 years returns. If you have any unfiled returns, you must get these filed first.
Once all your returns are filed, or if you have already filed all your returns, you next move is to get into a payment plan. If your liability is under $25,000, then you just need to call and set up the payment plan and your wage levy will be released.
If you owe over $25,000 or are unable to make a payment as computed by the IRS for your liability, you will need to complete a financial statement. The form 433F is required, along with copies of pay stubs and the last 3 months bank statements. They may also require proof of your mortgage payment, car payment and certain other expenses.
Once your payment plan has been established or they have determined you are unable to make a payment and put you in Currently Non Collectible Status, then your levy will be released.
Your only other option for getting your levy release is in hardship conditions which you will have to substantiate. If your power, gas or water is about to be cut off or you are about to be evicted from your apartment, or your house is about to be foreclosed on, the IRS may agree to release your levy.
If you are unsure how to proceed or want someone to contact the IRS on your behalf, call an Enrolled Agent.
No comments:
Post a Comment