Tax Law

Why Do You Need A Tax Levy Attorney?

A tax levy can lead to the seizure of a business or personal assets. This includes everything from property to individual bank accounts. A tax levy attorney can help you fight these levies or at least prevent them altogether. A tax levy is quite different in that it entails seizing property or money that belongs to the taxpayer.

 

Many people that fall behind on their taxes or owe other debts feel hopeless. They do not know what they can do to get out from under the financial burden. But, there are some options available to those who qualify. One option is to sell a portion of one’s assets in order to pay off the debt. However, many people choose to forgo dealing with tax liens and just file for bankruptcy.

 

If a person does not have the money to pay their taxes they might consider a payment plan. This means that they would pay a predetermined amount periodically until their debt is satisfied. For some taxpayers, this can be a good option because it allows them to work on their debts without fear of having a tax lien placed on their property. Unfortunately, not all taxpayers can afford to make a payment plan. In this case a tax levy attorney might be needed. If you are seeking for a skilled tax law attorney in Loveland, there are several options. First, you can locate local Loveland lawyers by consulting your local telephone directory or by visiting www.coloradotaxattorneys.net/tax-levy-lawyer-loveland-co/.

 

Tax levy attorneys are professionals who specialize in representing people in difficult situations. They will often work on a contingency basis, which means that the fee they charge the client is typically non-refundable. The fee will be paid only if the case is won and the property or assets that are subject to the levy are returned. Because this process can be complicated, it is best to hire a professional who has experience dealing with the IRS. One way to find the best tax levy attorney in town is by asking friends and relatives who have had experiences with similar cases. Another good place to find a tax expert is to search online for forums where people discuss their experiences with different lawyers.

 

Once a person has decided that they need a tax levy attorney they should prepare a list of questions that they would like to ask their attorney. The first question that they should ask is what the process would be if the IRS decides that the tax lien should be lifted. The second question they should ask is what will happen to any monies that the IRS has taken from the taxpayer’s bank account. It is important to realize that in most cases, once the tax lien has been lifted the tax debt that remains may be easier to pay off. Some tax levy attorneys specialize in working with debtors who do not have the money to pay their back taxes immediately.

 

There are also times when a tax lien cannot be lifted. If this occurs it is important that a tax levy attorney is retained quickly. The reason for this is that the longer it takes for the lien to be lifted the more interest the IRS charges on the overdue taxes. It is important to remember that when a tax levy has been issued before the overdue amount has been paid in full then there is no additional interest charged. However, if after the overdue amount has been paid in full the IRS demands an additional payment the new payment is usually assessed at a much higher rate.

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