User talk:Taxdebt

What is a tax debt relief program?
A tax debt relief program can be understood as a tax resolution facility available through the federal government, to provide the debtor an opportunity to become eligible for one of numerous programs offered by the government, such as penalty abatement, an installment agreement, and an offer-in-compromise. In simple words if you own IRS money in the form of “tax” and can’t pay your dues, the government provides favorable conditions so you can redeem your debt over a period of time as per your convenience.

Eligibility criteria for a tax debt relief program
•	You must have filed all tax returns. (It's OK to owe money but you must file)

•	You will need to disclose all assets owned including all cash and bank accounts.

•	You must not have adequate cash available in a checking, savings, money market, or brokerage account to pay the IRS.

•	You must not have the capacity to borrow the amount owed to the IRS from other sources (i.e., a second mortgage on your home).

•	You must not have adequate equity in a retirement account from which you can borrow or liquidate; for example, IRA's or 401K's.

Resource
Stop Spam

what is tax levy ?
Tax levy is not the same with kind of taxes I mentioned above. Levy is the term use to a legal capture of your property to pay your tax debt. In the event that you failed to pay your taxes, the IRS will capture and sell the real property under your name. You may do some arrangements on how to pay your debt in order to avoid tax levy.

How does tax levy work ?
Before tax levy will finally in force, there are steps to be followed. The IRS (Internal Revenue Service) will evaluate the tax debt and after they found out that you failed to pay, they will send you a notice and demand letter urging you to pay your tax due at a given time frame. If you failed or refuse to pay the tax after you receive the demand, the next step is the IRS will send the final notice of intent to levy and notice for your right to have proper procedure (hearing). This procedure is done 30 days before the levy. The notice will be send by registered mail with return card or they will deliver in your home or workplace.

Upon the receipt of final notice of intent to levy, you may request the IRS for reassessment of your case or a collection Due Process hearing in the Office of Appeals. This can be done by filling a request at the IRS office that appears in your notice. Take note this request must be filed within 30 days from the date of notice.

There are things that can be discussed in proper hearing. Your account was settled before the notice arrived or you may say that when the levy notice arrives you are in bankruptcy. You can also request for reassessment of your tax due because the IRS has an error with their procedure or the time to collect tax has expired before they send the notice.

When the hearing is through, the Office of Appeals will give its determination and you will be given 30 days to file a case to challenge the determination.

The wages, federal payments and state funds on your bank account can be levied

The IRS will hold the amount deposited in your account for 21 days. This will allows you to work on other matter regarding your tax levy. After 21 days, the bank will send to IRS the total amount plus the interest. In the event that IRS made a mistake and they levied your account, you can claim for refund.

What is Tax Debt
Tax Debt are basically a service to match up people who have not been able to pay their taxes to the IRS(Internal Revenue Service) and they owe them taxes for previous years. IRS has audited these people and is asking them to pay their taxes with penalty, etc. If such people cannot pay taxes, they seek the help of a lawyer and negotiate with the IRS to lower their tax debt or pardon the debt alltogether.

How to Resolve IRS Tax Debt
You will have to file a request through Form 9465, Installment Agreement Request.If and when the IRS gives its tacit to the plan, the tax debt relief plan can be put in motion.

new program allows you to make monthly payments to the IRS, but even though the total payments of the installment agreement may not pay off the entire tax debt, once you fulfill its terms, the rest of the debt is extinguished.

Resource
The person who wrote this article is not a tax expert but a lead generator. Please don't spam wikipedia.