Colorado Springs: How Do You Request Your Collection Appeal and Avoid the Levy?

Facing a levy from the IRS can be daunting, but understanding your rights and the appeal process can help you navigate this challenging situation. Here's a concise guide on how to request a collection appeal and avoid a levy.

Firstly, it's crucial to act promptly upon receiving a notice of levy. The IRS provides a window for you to respond before the levy is enforced. Begin by reviewing the notice carefully to understand the specifics of your case.

To request a collection appeal, you need to file a Collection Due Process (CDP).The request must be submitted within 30 days of receiving the levy notice. The CDP hearing allows you to present your case and explore alternatives to the levy, such as installment agreements or offers in compromise.

During the appeal, it's essential to provide all necessary documentation and be transparent about your financial situation. This transparency can help demonstrate your willingness to resolve the debt and may lead to more favorable terms.

Additionally, consider seeking professional assistance. A tax professional such as and Enroll Agent can guide you through the process, ensuring that all paperwork is correctly filed and deadlines are met.

To avoid future levies, maintain open communication with the IRS. If you're unable to pay your taxes, contact them to discuss payment options. Proactively managing your tax obligations can prevent levies and other collection actions.

In summary, requesting a collection appeal involves timely action, proper documentation, and possibly professional guidance. By understanding and exercising your rights, you can effectively manage your tax situation and avoid the stress of a levy.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

Colorado Springs: What is an IRS Tax Levy? What is the Purpose

What would lead to the IRS to levy your bank accounts or other property?  The legal seizure of your accounts or property is an extreme measure the IRS could take to satisfy a tax debt.  If you have been ignoring the IRS when it comes to filing tax returns or making payments on your taxes, this extreme measure may be used to get your attention.  Nothing will quite get your attention as your bank stating that your accounts are essentially frozen due to an IRS levy.

How many letters did you receive from the IRS? If you failed to open the letters and respond to the IRS, the levy process most typically begins with the IRS assessing the and sending a Notice and Demand for Payment.  With no payment made or contact initiated to the IRS, the next notice possibly sent through certified mail, is a Final Notice of Intent to Levy and Notice of Your Right to a hearing at least 30 days before the levy action.

Most commonly I have heard of bank accounts being subject to an IRS levy.  I some cases the frozen funds can be made available for you the taxpayer.  Each taxpayer's circumstances are unique.

The best solution for an IRS levy is to never get an IRS levy. Stay compliant and make your tax payments in a timely manner.

However, if you do receive a levy notice taking quick action is highly advised. I recommend you do any or all of the following:

1. Hire a tax professional (EA, CPA, or Tax Attorney) to assist you through this process
2. Collect documents and records to build your case
3. Request a Collection Due Process hearing or
4. Prepare to make a payment in full, arrange a payment schedule, or if qualified file for an offer in compromise.

Ignoring a tax levy can lead to severe financial consequences. Immediately working to resolve the issue with a tax professional will help you quickly resolve the issue.  As you work with a tax professional toward a resolution, you will be able to sleep better an minimize the impact on your financial well-being.

 

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA, CTRC

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com

 

 

 

 

 

 

Colorado Springs: How Can I Deal With Liens and Levies?

 

PANIC!! You have received notice of a federal tax lien or your bank account has been levied by the Internal Revenue Service.  Under Internal Revenue Code Section 6321 allows the IRS to file a notice for federal tax lien to protect the government's interest. How long does the Lien continue?  The lien will continue until: 1) It Expires; 2) It is Paid; or 3) It is Compromised.

What are the options are available for you?  Do you any unfiled tax returns?  Do you have unpaid taxes for prior years?

Work with a tax professional to represent you before the IRS help you to resolve the lien with the following options:

Option 1: Get into Compliance (required)

Option 2: Have an analysis to determine the payment options for which you qualify

Option 3: Possibly have the IRS subordinate to another lender

Option 4: Setup an installment agreement

Marcelino Dodge, Enrolled Agent, with Cash Tracks Financial helps taxpayers with unfiled tax return and tax liens.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com