What Are the Easiest Ways to Get A Tax Levy Release?
Posted by LWM Team on Mon, Mar 01, 2010
If you have already received a notice that says “intent to levy” from the IRS, you only have 30 days before the IRS will send collections to seize your assets. This could be anything from property to vehicles and more. During these 30 days, it's imperative that you work fast and get everything in order. The easiest ways to get a tax levy release are:
Payment Agreement
The IRS wants their money and they'd rather cooperate with you to make payments over a longer period of time than try to auction off your assets. A payment agreement is similar to an installment agreement except you will normally pay less than the total amount you owe the IRS and you will also make smaller payments. For this to be an option, you have to prove you don't have the ability to follow the standard installment agreement.
Pay It Off
If you pay what you owe immediately, the tax levy release will happen right away. This usually isn't an option for many people by the time they reach this point but if you can do it, all your problems pretty much go away overnight.
Offer in Compromise
This is very similar to what a credit card company offers if you've owed them money for a long time. You can make an offer that is less than the total amount that you owe and you can go from there. If accepted, your tax levy release will happen right away. If not, you will have to try some other type of payment options.
These 3 options are the fastest and easiest methods to get a tax levy release. Since you don't have a lot of time, these methods ensure you handle it immediately.