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What factors would cause the IRS to remove a levy?

On Behalf of | Dec 11, 2020 | IRS Issues

Facing troubles with the Internal Revenue Service is no one’s idea of a good time. You may have been unable to meet your tax obligations for any number of reasons, and while you may have intended to handle the matter before it became too serious, your situation has reached a point where the IRS has placed a levy on your property, bank account or wages. Now, you may feel out of hope.

Fortunately, even when a tax predicament reaches this point, options are typically still available for those who want to address the problem. However, it may not feel easy to know how to fix it because tax laws are complicated, and the options offered by the IRS are not always suited to every taxpayer.

When might the IRS remove a levy?

In efforts to find out what routes you could take to address your tax matters, you may want to know what the IRS looks at to determine whether ending a levy would be in your best interests and in their interests for receiving payment. Some details the agency considers include the following:

  • Whether removing the levy would allow you to pay the taxes that you owe
  • Learning that you have already paid the full amount of what you owe
  • Determining that the levy has created an economic hardship for you
  • Creating an installment agreement with you that indicates the levy comes to an end because you will make installment payments

Some other stipulations to remove a levy could also apply, and while it may come as a relief if the IRS does remove the levy, it is important that you stick to any agreement made as part of the removal. In other words, if you agree to pay off the outstanding balance in order to have the levy removed but once again do not handle the obligation, the IRS could put the levy back in place.

How do you know what’s right for you?

Contacting the IRS is a difficult situation for many people because it can be intimidating. It can also be difficult to know what steps for removing a levy could suit a particular situation. Fortunately, you could work with an experienced Georgia tax attorney who could evaluate your circumstances, contact the IRS on your behalf and help you as best as possible to handle the levy against your property.