What is an IRS Bank Levy?Tax debt can cause serious problems for taxpayers and their families. One of the most crippling is an IRS bank levy. When a bank levy is served, taxpayers will have their bank accounts frozen while the IRS sorts out the financial issues. During this process, people will not be able to access their funds. A bank levy is a very powerful tool used by the IRS to recover the back tax debt they believe is owed to them.What is...more
IRS Bank Levy: What if it isn't Yours?You're married and you share everything. But are you willing to risk your personal financial assets - your wages, your retirement fund, the cabin in your name that has been in the family for 100 years? An IRS bank levy can threaten all these things. Do you really want to share the responsibility of dealing with an IRS bank levy for a back tax debt that is not yours? As much as you love your spouse, you may...more
Is Your Frozen Bank Account Causing Personal Hardship?Back taxes cause serious financial difficulties for taxpayers. The most crippling effects are those of a bank levy. When a bank levy occurs, taxpayers are faced with a frozen bank account. When unable to access funds, it places you in immediate financial hardship. If you have a frozen bank account due to back taxes, you may be able to halt the action by proving you have an extreme hardship case as a result. Much is required in order to prove your hardship. The IRS will then review your case and decide if the bank levy should be discharged. Even if it is discharged, you will still be responsible for your back tax debt. You need the help of a tax attorney to negotiate a payment agreement with the IRS.Facing the IRSThe main thing the IRS is going to look for is evidence that the bank levy is preventing you from supporting yourself and your family. If you are not able to provide essentials for your home, the frozen bank account status may be released. You might once again have access to the money. However, you will have to make a powerful case to the IRS proving the bank levy is the cause of your inability to support your family....more
Moreover, personal loans are based solely on the personal credit of the borrower. No doubt, the personal loans in the US and UK are called signature loan as they are paid back on the personal credit and signatures. High risks involved in personal loans show that whereas the borrower enjoys maximum benefit from personal loans, such a loan is...more
You wouldn't want to contemplate on going for rental bond loans with a company which can offer all or most of the above facilities just at the click of a button and get you out of a credit crunch. After-all, opportunity never knocks twice.Things to Consider Before Applying For Personal Loan By: Pal Andrew About the Author Bond...more
Why Did I Receive a Bank Levy?Often, when a taxpayer discovers the IRS has placed a bank levy on their accounts, they are at a loss to understand why. If you are dealing with a bank levy, it is important to understand why the action occurred. There is an IRS tax collection process that precedes the use of this measure. By understanding that process, you will have the important tools to protect your assets in the future and avoid it from happening again. Help of an experienced tax specialist is the perfect guidance.IRS NotificationsYou will not receive a bank levy until after the IRS has sent you a series of notices regarding the amount of back taxes that must be paid. * First, you will be sent a Notice of Payment. The IRS will begin by assessing any back taxes you owe, including interest, penalties and fines. Upon completion of the assessment, you will be sent the Notice of Payment. This notice will explain the amount of back taxes owed and give you the opportunity to pay them. It is important to respond quickly when you get this notice. If you ignore it or procrastinate, your tax problems will compound. The IRS wants to hear from you and will grant you a short period of time in...more
Having a bank garnishment from the IRS or state agencies placed against you can paralyze your finances. A bank levy may occur if you do not to pay your income taxes or have an outstanding balance from past tax seasons. It is important to act quickly...more
As per some reports, car owners are getting the loans of high amount in the present scenario. The loan against car is often termed as logbook loan. For taking this, borrowers have to submit the papers of their cars and they get the amount. As this is...more
When you're choosing a mortgage brokerage company to work with, be sure they have the experience and the knowledge to assist you in identifying all your options so you can choose from a carefully constructed list of mortgage options, but you'll also...more
A good part of a loan modification application will involve the financial documents that a person is going to be dealing with. However, in many other cases a loan modification application will work with a general form that has to be filled out...more
Distressed individuals these days are attempting to learn about the loan modification process and are finding themselves to be frustrated and lost. If you are thinking if a loan mod might be the answer your household is seeking to help them prevent...more
Have you ever said to yourself I need a payday loan if yes then you are among those who rely on these loans to accomplish their short term needs? The fact is that expenses are increasing day by day and anyone can run out of the money. If someone...more