A lien is a legal claim against any real estate owned in the county in which the lien is filed. A levy is the action of taking an asset, such as a wage or bank account, to satisfy the payment of a debt. Often times, the IRS will file a lien or levy against you if you owe taxes or if they claim you owe taxes. Prior to issuing a levy to garnish your wages or bank account, the IRS will send you a Notice of Intent to Levy your property. You should take action immediately if you receive a notice of lien or levy. If you do not take action immediately, the IRS can take your property or take money out of your pay check or bank account. When you receive the Notice of Intent to place a lien on your property, our office can file an appeal or take action to prevent the lien from being placed. If you miss your deadline, it will be more difficult to negotiate with the IRS to have it lifted.
If you failed to respond to the Notice of Intent to Levy or Place Lien, the IRS will file a lien in the property records in which you reside or in the county where your property is located. Our office will then examine the different methods in dealing with your IRS lien or levy. There are a few different options that you have: 1. The IRS might release the lien or levy if you enter an installment agreement to pay the tax. 2. You can pay a portion of the tax by submitting an Offer in Compromise to the IRS. If they accept your offer in full, they will release the lien or levy. 3. You can file bankruptcy and pay the IRS claim through a chapter 11 or chapter 13 proceeding. Filing bankruptcy often reduces the total amount of the tax liabilities. The IRS will release the IRS levy upon the filing of a bankruptcy. 4. You can appeal the notice of lien or levy. Keep in mind that you have time sensitive deadlines to file your appeal. If you miss your deadline, you lose the appeal.
In some cases, the Rothrock Law Firm might be able to release your levy on the same day it was issued. Whether or not you qualify for a same day release depends on the size of your IRS debt and the collectibility of your debt. Call today to see if you qualify for a same day release.
Although you could handle an IRS lien or levy yourself, it is not recommended. Radha Rothrock is a tax attorney in Fort Myers, Florida. Her practice includes handling IRS liens and levies. If you have been served with a Notice of Intent to Place IRS Lien or Levy, call the office immediately at (239) 206-1948 to discuss your options.