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Can I Stop an IRS Wage Garnishment? 7/24/2011

 How Do I Stop An IRS Wage Garnishment?

I received a Notice of Intent to Levy from the IRS, will they garnish my wages? 

What do I do if the IRS garnishes my wages? Can I stop an IRS wage garnishment?   It is very important to act quickly once you receive a notice of intent to levy as you will only have thirty (30) days before the levy can legally take effect. If you can prove that the levy causes financial hardship, the IRS may temporarily pause collections until your financial situation has improved.  The problem is that you have to prove this to them.  This can be done by filing and providing financial records and pay stubs, however, it may be a good idea to hire a tax professional when filing for this relief because they are aware of the exact formula the IRS uses to calculate whether a person is eligible for hardship status.  Once a wage garnishment has been initiated by the IRS, it will remain in place until the IRS has garnished enough of your wages to cover all the taxes, interest and penalties you may owe.   To stop the wage garnishment, you have several options.  You can pay the IRS in full, file for an Offer in Compromise, enter into a Payment Plan or as a last resort, file for bankruptcy.  While an Offer in Compromise may reduce the amount you may have to pay to the IRS, it is a very difficult settlement process and the IRS will scrutinize your income and expenses to be sure only deserving people obtain this type of settlement.  Filing for an Offer in Compromise is fairly complicated and if you consider this method you should seek a tax professional for help.  The IRS prefers that people use the payment plan method to pay back taxes if they cannot pay in full.  The most common form of payment plan is an installment agreement.  With an installment agreement the IRS will allow the taxpayer to pay their past due taxes in monthly installments over a period of up to 3 years.  Once you are entered into an installment agreement, the wage levy will be stopped and you will be considered in good standing with the IRS.

Contact an IRS tax attorney or tax lawyer at Tiller Law today for your free consultation regarding your options. Serving Miami, Fort Lauderdale, Hollywood, Boca Raton, West Palm Beach, Palm Beach Gardens, Jupiter, Hobe Sound, Stuart, Port St. Lucie, St. Petersburg and Tampa and throughout the State of Florida.

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