When you owe the IRS, there are a couple of ways the IRS can forcibly take your money and assets.
Garnishing your Wages
What is a Wage Garnishment?
A Wage Garnishment is when the IRS forces your employer to send a portion, if not all of your pay to the IRS. In rare cases the IRS can take 100% of your paycheck. Click the link to make sure you get details . The IRS can also garnish vendors or accounts receivables of a business and shut off the income flow for a business – effectively killing it.
It is VERY important to address these issues right away as these cases are already ‘on fire’.
At Jonathan Medows, CPA, we understand the urgency associated with wage garnishments and work quickly to remove them to protect your livelihood and assets.
Levying your Bank Accounts
What is a Bank Levy?
The IRS will do a wide search of any bank accounts connected to your TIN (Tax Identification Number) and will levy all accounts connected to your Social Security Number (SSN), EIN or ITIN.
These are VERY URGENT CASES as there are ONLY 21 days in which to contest a bank levy and negotiate for a full or partial release of funds. After the 21 days have passed, the IRS hardly ever issues refunds. State tax agencies often only allow 10 days to contest a bank levy.
Your money is important to you, and we are going to help you get it back.
Request a Consultation
At Jonathan Medows, CPA, we offer a FREE no obligation confidential consultation to personally evaluate your unique tax situation. During this call we will evaluate your facts and circumstances and recommend the best course of action to resolve your tax matter.