When a bank levy is issued, your bank account becomes frozen and all or part of the available funds in your bank account are seized. Bank levies can happen for many reasons, but the most common reason is for unpaid taxes. When a bank levy is issued the bank with which the account resides is served with the levy indicating the amount of money they are levying for. The bank then withdraws the funds from the levied account up to the amount of the levy and places the funds into a reserve account in the bank for a holding period. After this time expires the bank forwards the funds to the IRS. Usually a levy is the result of lack of contact with the IRS by the taxpayer. Equity Search can work with the IRS on your behalf to make sure there is never a lack of contact.
An IRS bank levy is very difficult to get released, that is why you need the professionals at Equity Search on your side. We can work with the IRS to get the levy released. The IRS has very specific rules and requirements for getting a bank levy released, which Equity Search is very knowledgeable in.
A tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes. A Federal Tax Lien gives the IRS a legal claim to your property for security purposes. Once a Federal Tax Lien is recorded it attaches to all of your property and all your rights to property. Unlike personal debts, Federal Tax Liens on real property means that the property owner becomes responsible for payment of the tax even if a previous owner incurred it.
Usually a tax lien is filed when a liable person neglects to pay or refuses to pay any form of tax after a demand for payment has been made. The lien then attaches to all property and rights to property, whether real or personal. The lien usually arises at the time that the assessment is made and shall continue until the liability for the amount assessed is satisfied or becomes unenforceable by reason of time length. In certain cases, the lien of another creditor may take priority over a Federal Tax Lien even in the Federal Tax Lien was filed before the other creditors lien was perfected.
Once the IRS files a Federal Tax Lien it is very hard for an individual to obtain any form of financing. We can assist individuals in obtaining financing even after a tax lien has been filed.
Equity Search can work with you to get a Federal Tax Lien removed or help you to prevent the filing of a lien. One such way to get a Federal Tax Lien removed is to file an Offer in Compromise, complete the Offer and then request for the removal of the Federal Tax Lien. There are several different options and alternatives that can be done that Equity Search is well versed in.
Back taxes is a slang term for taxes that were not paid when due. They are typically taxes that are owed from a prior year. It is important to get back taxes resolved as soon as possible because with every passing day interest and penalties are accruing. If you wait too long to pay your back taxes you can end up with penalties and interest that are more than what the original tax amount was that you owed.
IRS Tax Problems
When tax problems loom overhead, people often feel alienated, trapped into lump sum payments or payment plans that turn out to be unrealistically high. They plunge deeper and deeper into debt.
Equity Search has the knowledge and experience to intervene in times like these. We have the resources and answers to help bridge the gaps. We can advise you on a variety of alternative courses. We work to help you and your company when other professionals are avoiding you … or can’t help you because of your financial situation.
But unlike most ‘tax resolution’ companies, we don’t stop there. A tax problem is often a symptom of a greater problem. In helping with the situation at hand, we also work to identify the root cause of the problem, and then we work toward resolving them. In this way, we help you to regain confidence by building safeguards against future problems. So we don’t just solve tax problems … we help you pave a new path toward financial success. And only then can you be sure that it won’t happen again.
If you are a business owner, you need a plan for success–hoping for success just isn’t enough. We work with you to plan for the long-term viability and prosperity of your company.
Equity Search’s services stand out from other approaches to tax resolution:
We represent you from start to finish, to help you create a long-term plan.
We complete and submit all required forms for you.
We negotiate hard for your best interests.
You never have to speak to, or meet with, the IRS.
IRS Payment Plan
In many cases when a taxpayer does not qualify for an Offer in Compromise they can set up a payment plan in which the IRS agrees to take payments on the tax debt of the individual or business. A payment plan is available to most taxpayers who are currently compliant (meaning they are current with all of their tax filings). When setting up a payment plan the IRS will look at the taxpayer’s income versus their expenses and determine what they feel is a reasonable amount for the taxpayer to be able to pay to the IRS each month. This is where the professional at Equity Search can help you. We can work with the IRS on your behalf to negotiate a monthly payment amount that is both reasonable and fair.
For those that owe less than $25,000, a streamline payment plan can be set up with the Internal Revenue Service without having to prove your income versus your expenses. A streamline payment plan can only be done for certain individuals and not all will qualify.
The IRS will usually allow a taxpayer to make payments via direct debit or by sending in a check. While a taxpayer is in a payment plan they must remain compliant with the IRS and cannot file a tax return that has a balance owing and not paid. Should they file a return with a balance owning and not paid the taxpayer will default their payment plan. Equity Search can work with the taxpayer to make sure that a situation like this does not happen.