Tax Levies are a very serious matter for anyone who does not have all of their financial affairs in order. One tax levy can attach even to something as insignificant as a CD collection. The Internal Revenue Service is particularly fond of these because it is often difficult, if not impossible, for taxpayers to pay the debt without having it go directly onto their credit record. These burdensome liens on one’s credit record can deter future investments and loans, potentially ruining an investor before he even gets started. That is why it is so important to have the proper tax professional on your side in these types of cases. While the vast majority of us can handle our own taxes, there are circumstances where representation by a professional is absolutely necessary.

A tax levy can attach property to your person, essentially ruining it. It prevents the taxpayer from selling that property before dealing with the tax liability and puts other potential creditors on notice of your tax debt. In some instances, it could release property that was used for illegal purposes, such as drug money. If you find yourself in one of these situations, it is in the best interest of your well being to have the services of a tax levy attorney. If you are looking for one, check out Defense Tax Partners website at https://www.coloradotaxattorneys.net/tax-levy-lawyer-loveland-co/ for Free Consultation!

In most cases, it is not financially feasible for someone to immediately sell a property in order to satisfy their debt. In these kinds of cases, the tax levied is usually relatively minor and a lump sum payment would almost certainly be a violation of some kind. The IRS will want to eventually get the full amount of the owed debt. If you are in a situation where you are facing the possibility of having your assets seized, it is in your best interest to immediately contact a qualified tax levy attorney to discuss your options.

In some states, like Florida, tax levies are automatically renewed after seven years. If you are facing the prospect of being placed under a tax lien, there are some very important things that you need to do in order to seek tax relief. First, it is very important that you make contact with a qualified tax levy attorney as soon as possible. Most people ignore the problem until they are actually served with a lien notice. If you are the victim of a lien, the sooner you seek legal help, the more likely you are to have the opportunity to successfully settle the debt.

Many people think that placing a tax lien against their home is a bad idea because the property is not actually worth as much as they think it is. While placing a lien is technically allowed, it is not recommended, particularly in today’s real estate market, when banks are hoarding distressed properties and passing on extremely low interest rates to desperate buyers. For example, if the lien is only a few hundred dollars, the home may still be worth a lot more, and may be more worth retaining by having the owner pay back the money owed instead of passing it down to the bank. Unfortunately, many homeowners who are facing financial hardship do not have a very accurate idea of their current worth and are convinced that they will not be able to sell their home for the amount that they believe it is worth. If the bank forecloses on the house, they have no other choice but to let the house go for what it is worth.

Even if you are not facing foreclosure, you could be facing a wage garnishment or other form of wage garnishment at the same time as a tax levy is being levied against your bank accounts. Many employers these days are using bank account garnishments as part of their employees’ severance packages. When your employer discovers that you have been forced to pay back part of your employee’s wages to the bank, they will often consult with a qualified tax levy attorney to see if you are eligible for a wage deferment or other relief.