Facing an IRS garnishment is one of the most horrifying experiences in a person's life. When the Internal Revenue Service garnishes your income, you are forced into financial distress because they will take the majority of your earnings straight from your employer and also will seize your assets. This article will lay out the steps you need to take, at this time, to have your life back when confronted with an IRS tax garnishment.
What kind of garnishment?
If it is a bank garnishment, the IRS will freeze your bank accounts and take all money in the account equal to the total amount you owe. Initially the bank will hold the levied funds for 20 days before releasing it to the IRS, so you need to take action inside this time to have your money back.
If it is a wage garnishment, it is never too late to get the garnishment released, even if it has been on for years. Since the IRS will garnish significant portion of your income (and they won’t care about whether you have enough money to pay your monthly expenses), try to make use of all options available to get it removed as quickly as possible.
How you can get the garnishment released?
In order to get it back, you will need to contact the IRS staff who issued the garnishment to get all necessary information from them. Call up the IRS toll free number if your case is with the Automated Collection System. Anyone who answers can help you.
If your case is with a revenue officer, you will need to contact them in order to get your levy released.
What do you have to say?
The fact is, there is nothing much to speak about. Garnishments are serious business and are best left to tax attorneys experienced in negotiations. The IRS will do whatever they can to make you to pay an amount greater than what you can afford to pay. Remember, the IRS works for the government and not for you. So do not think that they'll help you in some way. They least worry about your financial situation but will try to make you pay out as much as possible. You won’t be left much to pay your other expenditures and to support your family.
At times, a person might unable to hire a tax lawyer immediately who primarily specializes in IRS garnishments. So below are a few quick tips to help you. Do not ever agree for an unaffordable payment plan even if the IRS uses pressure tactics in forcing you. You have the right to ask for a taxpayer advocate. You might get a release of your tax levy but remember it is temporary only. What this means is, you'll need what is known as a 'collection alternative' with the IRS so that you can resolve your case. Typical collection alternative include payments plans, hardship status requests, offers in compromise, and Chapter7 bankruptcy.
It is really essential that during this respite from the IRS tax garnishment, that you really work towards a long-term plan to take care of your tax debt. In case you fail to do so, the IRS will issue another garnishment and you will have really a hard time getting it released.
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