Tennessee has a wide range of taxes regulations for citizens, businesses, and visitors. Liens and levies are among the collection actions the IRS may take if a person fails to submit taxes or pays them after the due date. A taxpayer’s financial stability may be safeguarded and these measures against them avoided by hiring a competent Tax Levy Lawyer in Tennessee.
When a person doesn’t pay their taxes, the government might levy money on their property, including bank accounts or real estate. To pay off the debt, the property may be seized and auctioned. A levy is an active collection process that can put the taxpayer in major financial trouble, in contrast to a lien, which is only a legal claim against the property. Before the levy is formalized, the IRS typically allows the individual 21 days to recover their money back. By agreeing to settle the outstanding balance or demonstrating that the tax levy would result in financial hardship, it is possible to get the levy overturned before it becomes official. Strong negotiating abilities and thorough understanding of the several tax relief schemes are necessary for this kind of solution.
In some situations, the IRS will not file a tax lien. Nonetheless, the IRS will seize assets to collect the debt if it is substantial. Payrolls, bank accounts, personal belongings, and even corporate profits might fall under this category. By working with the IRS to arrange a reasonable payment schedule, a tax lawyer can help a client avoid a levy. Additionally, they may help with submitting the required documentation for a levy release.
Some months or more may pass before the unpaid tax obligation is collected. Usually, the IRS will send many letters asking for payment and warning of the repercussions if the amount is not paid in full. The taxpayer may have to request a Collection Due Process hearing or be subject to an audit, depending on their circumstances. The best course of action for anyone facing an IRS audit is to speak with a tax attorney as soon as they are notified of the audit. This will guarantee appropriate direction and representation during the audit.
A taxpayer can steer clear of the IRS’s most severe collection actions by hiring the best tax levy lawyer in Tennessee. The tax lawyers at Defense Tax Partners will make every effort to get any liens or levy removed from your accounts and property as soon as possible because these penalties may have a disastrous effect on one’s financial situation. They can assist you in negotiating with the IRS for any further debt relief alternatives that may be available to you, filing the required paperwork, and obtaining an affordable payment plan. You may obtain assistance without having to travel or miss crucial meetings thanks to their online, phone, and video chat services. In order for you to select the solution that best meets your needs, they will ensure that you are aware of all of your possibilities.