IRS Levy And Garnishments
Below is a MRR and PLR article in category Finance -> subcategory Other.
Understanding IRS Levies and Wage Garnishments
When dealing with the Internal Revenue Service (IRS), many find themselves anxious, especially if they owe back taxes. The IRS is known for its determination to collect debts, often using wage garnishment to do so. Once a wage garnishment is initiated, your employer must deduct a portion of your paycheck and send it directly to the IRS or state until the debt is settled or an agreement is reached.
How Wage Garnishments Work
The amount deducted depends on marital status and the number of dependents. To determine the protected portion of income, you take the standard deduction and claimed exemptions, then divide by 52. For example, a family of three may only retain about $325 a week.
The Impact of Garnishments
Wage garnishments can be financially crippling. However, there are tax relief agencies that offer emergency help. By hiring a tax attorney, you might reduce or eliminate the garnishment and possibly lower interest and penalties.
IRS Collection Efforts
In 2004, the IRS reported over $200 billion in uncollected taxes, a figure that doubles when considering unreported income and unfiled returns. This has led the IRS and the Department of Treasury to prioritize these issues. Last year alone, they increased enforcement by over 26%, involving millions of liens, levies, and seizures of assets. Still, professional tax attorneys managed to nullify nearly 3.90 million penalties, saving taxpayers $3.62 billion.
Seeking Professional Help
To effectively address wage garnishments, seeking a tax attorney is advisable. Many individuals’ offers to the IRS are rejected because the process is complex. Tax attorneys have the expertise to navigate these processes and negotiate favorable settlements. Hiring a professional can save time, money, and stress, allowing you to focus on work and family.
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