IRS Wage Levy? Here’s What to Do скачать в хорошем качестве

IRS Wage Levy? Here’s What to Do

Get Free Strategy Session - https://www.stopirsproblem.com/strate... 💚💚SUBSCRIBE HERE💚💚    / @taxlaw   Do not miss this VALUABLE INFORMATION. ************** IRS Wage Levy? Here’s What to Do This could affect anyone that earns a paycheck. If you owe federal taxes and have not been able to pay, the IRS can enforce the collection. But if the IRS has garnished (or “levied”) your wages, this means that only part of your wages will be sent to the IRS. The IRS should not collect the full amount of your check. Some amounts are “exempted” from levy. This levy is continuous. It continues until: The overdue taxes owed are fully paid, The levy is withdrawn, The levy is released, or You make other arrangements to pay your overdue taxes (like with an Installment Agreement or Offer in Compromise). Part of your wages may be exempt from the levy and the exempt amount will be paid to you. Here’s How to Protect All (or Some) Your Pay from IRS Levy. Keep in mind that you will still need the help of a qualified tax attorney to release the levy. That is the only way to get IRS to leave you alone. However, until you can do that, you want to give your boss IRS Publication 1494. This form will help correctly calculate how much of your paycheck should be going to IRS. In the example to the right, for instance, you can see the amount that’s calculated for a married filing joint person with two exemptions. Where do the exemptions come from? Your boss is going to have a Form W4 on file for you. This form helps calculate how much pay you get to keep versus what is sent to IRS. Related 1-Minute Read: 3 Things to Know If You Get Paid Cash Under the Table Are Bonuses or Multiple Jobs Protected from Levy? For any wage levy, “wages” refers to “all compensation for services”, including fees, commissions, bonuses and similar items. Therefore, the same rules apply to a bonus. IRS could receive the entire bonus, because those W-4 exemptions amount are based on the time-period that your wages and bonus are paid. If a bonus is included in a regular paycheck, it is subject to the wage levy. If you have other income sources, the IRS may try to limit those exemptions only to your primary income source. The IRS does this to levy the full net paycheck from other employers. Remember though, that you have some control over your employer’s response. Because the IRS has this ability to modify levies, it is best to get control of the levy before your full paycheck is affected. Always find help from an experienced tax attorney in resolving the overall problem. Can Child Support be Exempted from IRS Levy? If you pay child support directly through your employer, as a paycheck deduction, that amount will be exempted from levy. The IRS cannot levy that amount, and the child support payment will be paid as required by your family court’s support order. But If you pay child support directly to your ex-spouse, and not as a payroll deduction, you have to do more. You will need the support exempted from the levy, so you can make your required support payments. You will need the IRS to release from levy the amount you need to pay court ordered child support. Note: In an IRS levy situation, you cannot claim both and exemption and Court-ordered child support for the same child. The process requires discussions with the IRS. Again, always trust a tax attorney to handle this with the IRS. **************** #IRS #TaxDebt #TaxAdvisor