June 15th is the Date the Hammer Drops!
- BR Accounting And Tax Service
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I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.
Don’t look now, but the giant is awake. The IRS has indicated that it will send out several million final notices (Letter 11, CP90, etc) to taxpayers who owe money. This comes straight from the director of collections at the service. They are finally beginning to pursue some of that revenue that is outstanding, after taking a lenient approach for more than a year.
What this means for you, is that you should: 1) be in compliance; 2) make a plan to resolve any long outstanding debts owed to the IRS, that you have not already made arrangements for resolution; 3) Contact the IRS; 4) make sure to protect all of your rights by filing the proper forms. (you have only 30 days to do so).
Should you fail to pay heed to the final notices, you will then receive a letter of intent to levy. Levies come in two forms: Regular and Continuing, respectively. A Regular Levy is a one time deal, whereby the IRS takes money out of the taxpayer’s bank account(s) to settle the outstanding debt. Should this happen you do have approximately 21 days to resolve the situation from the date of the actual levy. This is because, although the money is no longer in your bank account, the money is held in suspense for about 21 days before the money is actually transferred to the U.S. Treasury. A Continuing Levy is just like it sounds and is normally in form of a garnishment of wages, income, etc..
Remember, you’re entitled to one month’s expenses in your bank account, but you would have to request the funds be returned. Tax payer would need to prove that more than one months expenses would be needed and that such would help the IRS collect the amount currently due
If you feel as though you may be one of the taxpayers having trouble with staying or becoming compliant with your tax obligations, We can help!. Feel free to contact us at your leisure.