While falling behind on tax obligations can be stressful enough as is, those who face similar issues may also have concerns about the repercussions they might face if they struggle to catch up on payments. Outstanding tax debts could trigger a variety of challenges, one of which may involve the possibility of facing a tax levy. Knowing how a tax levy could affect one’s life could help individuals in Georgia prepare to seek advice in addressing their situations and creating a strategy to help protect their financial futures.
Facing a tax levy
The IRS may take several measures to seek payment for tax debts prior to issuing a tax levy. Once a levy is issued, the debtor might face various issues, such as the potential for wage garnishment. In some cases, a tax levy could even lead to a hold placed on one’s bank account and funds in this account could be seized to satisfy tax obligations. Experts indicate that a levy could also trigger the seizure of assets, such as a motor vehicle or even a home.
Those who receive notification of an impending tax levy might benefit from exploring all their available options to help protect their interests. An offer in compromise and IRS payment plans are just two examples of programs that could be a viable path for relief under similar circumstances. It may also be possible to appeal the decision to issue a levy and knowing when this might be a viable path could be integral to making informed decisions about one’s situation.
Protecting one’s future
Receiving notification of a tax levy can be a stressful experience. Those who remain uncertain of how best to approach the matter might consider retaining the services of a tax law attorney for assistance in evaluating all their available options. An attorney in Georgia can work with a client in creating a strategy to help protect against the challenges a tax levy can bring and assist him or her in preparing to seek relief from the burdens of tax debt through the appropriate paths.