In this episode, I discuss what you should do if you receive a notice of intent to levy. Mid-June the IRS issued a slew of notices to delinquent taxpayers after pausing collections for COVID. I explain what you need to know about these notices to avoid your wages being garnished or your bank funds seized.
Like a rattlesnake, a levy notice is a warning. Fail to act and the IRS will strike. You face wage garnishment or a bank levy, meaning you may no longer have access to funds needed for life's necessities like food, gas or rent. Act now to avoid the danger and protect your assets.
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Here are copies of the notices mentioned in the podcast, as well as the heading you will see in the letter:
LT11 "Notice of Intent to Levy and Notice of Your Right to a Hearing. Intent to seize your property or rights to property. Amount due immediately: $X,XXX.XX"
CP90 "Intent to seize your assets and notice of your right to a hearing.
Amount due immediately: $X,XXX.XX"
CP91 "Intent to seize up to 15 % of your Social Security benefits
Amount due immediately: $X,XXX.XX"
CP504 "Notice of intent to seize (levy) your property or rights to property
Amount due immediately: $X,XXX.XX"
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If you or someone you know has a tax problem and needs help now, call our office at 207-502-7181 or email us at jwade@jdwadelaw.com. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.
Episode 10: Tax Preparers Gone Wild! Treasury Report Highlights Need for the IRS to Do More About Bad Apple Preparers and More
Episode 9: IRS Update: The Trouble with High Income Nonfilers and Dealing with Unemployment Fraud
Episode 8: Investment Advice During Bad Economic Times: Interview with Financial Planner Daniel Dougherty
Episode 7: Business Tips During Bad Economic Times: Interview with Business Coach Scott Roberts
Episode 6: State of the IRS, Stimulus Payments to the Deceased and PPP Loan Update
Episode 5: US Treasury and SBA Announce Audits on PPP Loans
Episode 4: IRS Collections Update - Good News for Taxpayers in Trouble
Episode 3: Hot Off the Presses! Treasury Sec. Mnuckin Announces Payment Extension. Also, Discussion of House Resolution 6201 - Possible Tax Relief for Businesses?
Episode 2: The Coronavirus, the IRS and You
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