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Have you received notification of wage garnishment? Are you worried about losing your assets as a result of your tax debt?

When the IRS places a garnishment order on your wages, your employer is required to pay the IRS a portion of your paycheck before you receive any money.  The IRS may also place a tax lien on your assets in attempt to collect on an owed debt.

Tax Liens

If you owe the IRS money, they are allowed to take action to collect on the debt. If your debts go unpaid, a tax lien is one of the first steps to collect on a delinquent tax debt. A tax lien  takes claim against your assets.  When you owe debt to creditors, they usually have the authority to place a lien on your assets. This allows them to claim the ability to seize and liquidate your assets in order to satisfy the debt. In a tax lien, the IRS will overrule the authority of any other creditor and take priority over the right to claim your assets.  Tax liens leave your assets at risk for liquidation if the tax debt continues to be unpaid. In order to stop the tax lien, you must repay the debt or request an alternative payment option, such as an installment plan or offer in compromise.

Tax Levy

A tax levy is a continuation of the tax lien process. When your unpaid tax debt reaches a certain point, the IRS may actually seize and liquidate your assets in order to satisfy the debt.  A tax lien places claim, or the right to seize, your assets; whereas a tax levy carries out the seizure and liquidation of your assets.

Those at the greatest risk of tax liens and levies are the self-employed, sporadically employed, and those collecting unemployment benefits. This is because it is more difficult for the IRS to garnish wages in efforts to collect on the debt. However, the IRS must follow a process before being able to garnish your wages or place a tax lien on your assets. The must have notified you of your debt and requested payment, as well as be able to show you have not made payments on your debt.

Tax liens and wage garnishments are serious consequences of not paying your tax debts. If you are experiencing a lien or garnishment, or are at risk, contact us today! We can stop wage garnishments and tax liens while helping you apply for a tax debt solution that fits your financial situation.