A Client Who Lived His Life “Underground”
I had a client recently who had not filed a tax return in eighteen years. He also did not have a checking account for 20 years. He cashed his earnings as an independent contractor and stowed the money in his house. His was a life lived “underground.”
If you neglect to pay your taxes, one of the most powerful tools the IRS has to collect on the debt is to file a Notice of Intent to Levy. It signals that the IRS will seize (or garnish) your assets–like a tax refund, your paycheck, or a Social Security check–if you don’t pay your overdue taxes, make other arrangements to satisfy your tax debt, or request a hearing within 30 days of the date of the notice.
If you can’t pay what you owe because the payment would prevent you from meeting basic living expenses, you can request that the IRS delay collection until you’re able to pay. Approval of your request will hinge on completion of a Collection Information Statement and proof of your financial hardship.
My client stopped working independently and took a W2 job. That’s when the IRS started to garnish his wages. He came to me feeling depressed and scared. I did an analysis of his financial situation. I discovered the Franchise Tax Board (which processes garnishments) had drawn more out of his wages than what he owed. He actually had a refund due! I also negotiated an installment plan with the IRS so that collections on his wages and other assets would stop immediately.
Once his case was resolved, my client was able to open a bank account. He got a loan and bought a new truck. He was overjoyed. “I now feel like I’m a member of the human race,” he said. When a client lets out a big sigh of relief and their tension gives way because they know the tax stress is over, I’m satisfied. That’s when I know I’ve done my job.
If you have received a Notice of Intent to Levy, it’s important to take action. By calling a tax resolution expert, you get expert help with the forms and statements you need to get the levy lifted. I have almost 20 years of experience communicating with the IRS, which helps a lot when negotiating on a client’s behalf.
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Negotiating with the IRS to settle debts is what I do well. Let’s talk about your situation. Contact me to make an appointment.
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