Hiring a good Tax Levy Lawyer in Tennessee is one of the most important decisions you can make when you are facing tax problems. The right professional can help you resolve your problem and avoid further complications down the road. A good tax relief attorney will be familiar with federal and state tax laws and have a good track record of helping clients with their situation. You should also know that a good Tax Levy Lawyer in Nashville will be honest with you about the facts of your case and the options available to you.
Tennessee state and local taxes can add up quickly. Even if you are careful to account for the various state and local taxes in your budget, there is a chance that you may end up owing more than you expected. This could happen due to changes in the economy or because you didn’t account for certain types of income such as interest and dividends.
If you are seriously delinquent in paying your taxes, the IRS can take drastic action to get your attention. This can include filing a tax lien against your property and assets or levying your property with the intent of collecting on the debt. Both of these actions are serious, but a levy is the most aggressive action that the IRS can take.
The IRS will usually send several letters before levying your assets. This includes a “Final Notice of Intent to Levy” and “Notice of Your Right to a Hearing.” This is an opportunity for you to resolve the issue before it escalates. However, if you don’t respond to the IRS, you will likely face severe consequences like property seizure.
When the IRS levies your assets, they will take your money directly from your bank accounts. This can be very stressful and will leave you with very little money left in your accounts. The best way to prevent the IRS from levying your bank accounts is to resolve the debt before you get behind on your payments.
A CPA or Enrolled Agent who specializes in tax resolution can provide you with expert advice and representation before the IRS to resolve your debt. These professionals can also file the necessary tax returns on your behalf and negotiate a payment plan. In some cases, they can also represent you at a Collection Due Process (CDP) hearing. This is a complicated and emotional process, so it is recommended that you have a tax representative (CPA, Enrolled Agent or tax attorney) handle the entire hearing for you.
If you have received a Notice of Intent to Levy, it is very important that you contact a Tax Levy Lawyer in Tennessee as soon as possible to protect your assets. A seasoned tax resolution professional can help you with a variety of issues including avoiding or stopping the levy of your assets. They can even help you work with the IRS to get your money back if it has already been levied by the IRS.