IRS Wage Garnishment
IRS Wage Garnishment is just one of the many tools that the IRS (Internal Revenue Service) has at its disposal for the sole purpose of recovering money that is owed to the US Federal Government. It is responsible for the collection of any and all taxes levied on the American people for all income that is being generated every day.
Following an established code or set of rules that are constantly evolving, the agents are responsible for receiving tax returns from the millions of individuals and businesses all across the country. Every year all registered taxpayers are required to file an income tax return and this document reports to the IRS the income and other pertinent information regarding their income.
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What happens if something goes wrong with your taxes?
For most people, they will never actually have any contact with the IRS; however, if there comes a time that you are contacted by the IRS you need to take it extremely seriously. There could be a number of reasons why you got a letter from the IRS, but usually, it starts out with something amiss with your most recent tax return or heaven forbid that they discovered that you forgot to file a tax return by April 15th.
If it is determined through an audit with an IRS agent that you owe money to the IRS you need to be sure that you again take it extremely seriously. You can bet that the IRS will be more than ready to take whatever action is necessary to satisfy the tax debt. To avoid serious consequences like IRS Wage Garnishments, you will need to be certain that you do all that you can do to ensure that you get your tax bill under control.
What to do in the event that you face a possible action?
First and foremost you want to be sure that you do not panic, this will almost certainly cause you to do things that will not make your problems any less. After you let the initial shock of getting the letter from the IRS sink in, the very next thing you should do is to contact a tax professional. There are many Tax Defense companies that specialize in this type of thing and they will be your best advocate when it comes to dealing with the IRS.
We will be able to discuss all of the representation and relief options you have and also explain what kind of things that the IRS has the authorization to do in order to satisfy the tax debt that you owe. One of the harshest tools that it has at its disposal is the IRS Wage Garnishment and your employer must comply with the demand of the IRS.
The IRS Wage Garnishment Process
The IRS uses wage garnishment as a step in their process of recovering the tax money that is owed to the Federal Government for income by individual and business taxpayers in America. You will receive several noticed over a short period time letting you know that the IRS intends on garnishing your wages, and if you do not pay back the debt in a sufficient time (10 days) you will receive another notice.
When they have reached the limit of the waiting, they will send a “Final notice of intent to levy”. After 30 more days and the balance has not been satisfied, the IRS will contact your employer and they will inform them of IRS Wage Garnishment and they will have one pay period to comply.
How much the garnishment is will depend mainly on how much is owed and what period of time that they want to wait to get the balanced paid. They have the ability to garnish up to 70% of your income and this will make it difficult to get it removed once that it is in place.
Things that you can do to avoid the IRS penalties
In the event that you find yourself in debt to the IRS, you actually have several opportunities to fix things before the IRS determines that the only way that it is going to get the money that you owe is to either garnish your wages and or place a lien on any assets that you might have. These two tools that they have at their disposal do not require them to seek a court order like types of collection companies.
Fortunately, the IRS does offer a number of avenues that a person can use to avoid being hit with an IRS Wage Garnishment because of a tax debt that they did not have the ability to pay back. The IRS offers several ways that you can attempt to make it easier for you to pay the back taxes, interest, and penalties.
Call us for a free and confidential evaluation at 1-888-498-2937.
