Tax Help - Stop Tax Debt Problems

Money is owed to the IRS, but you figured you'd take care of it just as soon as you got paid. A family crisis happened, and you had car repair bills, so the IRS got put off until next month. And then the next. It had pretty much slipped your mind about owing money to the government until the day that you stopped by the ATM on your lunch hour. Much to your surprise, your transaction is denied! You glance at your watch, and figure you have the time to go inside, as you're sure it's just a simple mistake.

You walk out of the bank 45 minutes later, your mind awhirl. You're going to be late getting back to work, but for once, you don't care. You have something more urgent on your mind than a reprimand from your boss. The IRS has placed a levy on your account because of your back taxes! Your money is frozen, and you can't touch a cent! Hurriedly calling home, you ask your spouse if they remember seeing any mail from the IRS in the last 6 weeks or so, and they go to check. In a few minutes, you're horrified to discover that not one, but two unopened letters with Internal Revenue Service in the upper left hand corner have been on your home office's desk beneath a pile of papers for almost month. What now? Where can you go for help and to get relief from your debt?

A person has 21 days from the time a levy is placed on their bank account to get in touch with the IRS and make arrangements to pay the taxes they owe. But there's a bit more to getting a levy released than just a promise to pay. You will have to do one of these things to free your bank account.

• Pay your taxes in full.
• File for bankruptcy.
• File an Offer in Compromise with the IRSProve to the IRS that you have more in your bank account than what is owed to them.
• Prove to the IRS that without the money in your bank account, you will suffer financial hardship.
• Arrange for an Installment Agreement with the IRS to take care of your unpaid taxes.
• Prove to the IRS that if the levy is lifted, it would make it easier for you to pay your taxes.

Take a look at the correspondence you received from the IRS, and note the name of the officer whose signature is on them. He or she is the one who is handling your case, and the one that you need to contact. You will find that the IRS is willing to work with you just so long as you can do one of the items listed above.