Mansi Gupta asked:


 

The IRS does give you ample warning that they intend to levy your bank account. You undoubtedly received the notice and demand for payment from the IRS which included the amount you owed in back taxes. You probably did not contact the IRS at that time, and that was very important. The next communication you received was called the “Final Notice” which did express their Intent to Levy and also included a notice of your right to a hearing after the levy has been placed. That final notice arrives 30 days before the IRS actually talks with your bank and proceeds with freezing your accounts. It comes in the form of a certified letter directly from the IRS. If you are now facing the impending crisis of the IRS bank levy, then you have obviously procrastinated the handling of your IRS past due tax problem (probably because you did not have the money to pay the back taxes). All is not lost and it is still possible to stop the IRS levy. However, the time to act is right now. You need fast, professional tax debt help and you have just 21 days to get this handled, and the clock is counting down each day!

 

 

An IRS levy is clearly one of the most powerful collection tools in the IRS arsenal and the IRS bank levy can be incredibly frightening when the freeze is actually implemented. Once the IRS freezes your bank account, you have no access to your funds. They are waiting for the “21 days to expire” before they withdraw these funds to pay your delinquent tax debt bill. Any personal bills that you have that need to be paid in this timeframe will not get paid. In fact, you will probably be hit with insufficient funds fees and the refusal of any preset automated debits you have set up on your account to pay for goods/services. Even the newly deposited funds that come in as paycheck direct deposits will be frozen once they are received by your bank! The IRS intends to be paid the back tax money that you owe, one way or the other. Keep in mind that your bank is required by law to comply with the IRS bank levy and hold all funds that have been deposited into your bank accounts. They will not be able to provide you with any tax debt help in this matter.

 

 

During the 21 day period, it is now prudent to seek expert IRS tax debt help so that a tax attorney or tax specialist is able to negotiate with the IRS to release the funds. Unless an IRS bank levy release is obtained, once the 21 day period has expired, the bank sends the money to the IRS and you will never get it back. You may also consider contacting the Taxpayers Advocate in your area. This would require you to complete paperwork to prove economic hardship in hopes of having the IRS bank levy “lifted” or released. Time is of the essence and your financial future does hang in the balance.

 

 

Other Important Things You Need to Know About an IRS Levy:





· How does the IRS know where I bank? The IRS knows your banks accounts from the 1099’s that are filed every year with your tax returns. Even if your tax returns are unfiled, they have still received those 1099’s from the financial institutions themselves.

 

 



What other accounts might be affected? Certificates of Deposit and any account where you have your name and social security number listed. Keep in mind that if you have joint accounts for whatever reason, with family members or even friends, those will be subject to the IRS bank levy also.



 

 

 



What types of accounts are excluded from an IRS Levy? Life Insurance, Worker’s Compensation, Benefits received from the Department of Veteran’s Affairs, and Scholarships or Grants.



 

 

 



Will the IRS levy both my bank account and my wages too? The IRS does not typically levy both your bank accounts and your wages. They intend to be paid for your delinquent taxes, but they must leave you just enough to live on, and while they “can” enforce an IRS levy on your wages and your bank accounts, they don’t tend to collect past due taxes in this manner.



 

 

Mansi Gupta asked:


If IRS collection notices are ignored, the IRS is forced to collect from taxpayers by force. They do this with their dreaded IRS levy. By law, the IRS has the right to levy bank accounts (IRS bank levy), garnish your paychecks (IRS wage levy), or even seize your assets. But you do not have to let the IRS bully you or your family. There are ways to stop an IRS levy. The first step is to know the enemy.

IRS Bank Levy- The IRS bank levy is an extremely harmful way to collect tax debt. All of the money you scrimped and saved for can be gone in an instant. First, the IRS freezes your bank account. Then they give you 21 days to contact them and make some sort of payment arrangement. If you do not comply, the IRS will keep all of the money in your account permanently. If you received a Notice of Intent to Levy from the IRS, it’s imperative to act fast and get your tax debt taken care of. The freeze on your account from the IRS bank levy will cause issued checks to bounce, bank fees to be incurred, and will give you no access to pay your current obligations from your account. At this point, it’s a very wise idea to consider professional tax help for your IRS bank levy. A tax debt professional has a better chance of negotiating with the IRS to have an IRS bank levy removed in the short 21 day time limit. The IRS bank levy is an urgent issue meriting your full and immediate attention.

IRS Wage Levy – The IRS wage levy is another weapon in the IRS arsenal which is used to collect back tax debt. It’s also known as wage garnishment. The IRS can take a percentage of your paycheck until your tax debt is paid, or until the statute of limitations on your tax debt expires. Your employer is required by law to proceed with the IRS wage levy once the Notice to Withhold has been received from the IRS. They must use a mandated formula to determine “how much of your paycheck is to be garnished and sent directly to the IRS”. It is not unusual for a delinquent taxpayer to be left with 20%-25% of their “net paycheck” to live on, which obviously will not cover even basic living expenses. But there is help for this type of tax levy. There are two ways to stop an IRS wage levy. You can settle your tax debt and have it paid off, or you can have your account changed to a hardship or “Currently not Collectible” disposition. Because of the rapid financial damage that can be caused by an IRS wage levy, it is advisable to seek professional tax help.

Settling Tax Debt to Stop IRS Bank and Wage Levies – Settling your IRS tax debt is the fastest solution for stopping an IRS bank levy or an IRS wage levy. Once you are in the negotiation phase, the IRS levy will automatically stop. If your IRS settlement is approved, the IRS levy will actually be permanently “lifted” giving you complete relief from the tax debt problem!

Hiring Professional IRS Levy Help – It can be very hard to have your IRS tax debt settled when you fight against the IRS all on your own. Your chances of success are far greater if you can count on the help of reliable tax professionals that have experience dealing with the IRS’s complex procedures. If you are the victim of an IRS levy, then time is critical for you to minimize the financial destruction that is undoubtedly already occurring with your personal finances.

TarponLtd asked:

http://www.tarpon-uk.com/?WT.mc_id=ON_V_YouTube
0845 643 1580

info@tarpon-uk.com

IOM Contractor, offshore risk alert!
The Government of the Isle of Man have a Financial Supervision Commission (FSC) which is responsible for licensing and supervising the activities of banks, building societies etc., in the Isle of Man and for investigating among other things potentially fraudulent financial services companies and companies that misinform clients.
The FSC released a Public Warning Statement about Standard Offshore Bank and its site http:// standardoffshoreonline .com
The site infers that it relates to the entity known as Standard Offshore Bank and that the bank is registered in the Isle of Man, does business in the Isle of Man or has links to the jurisdiction. The FSC report that they have investigated the claims and that the bank (or entity) is not incorporated or registered in the Isle of Man and furthermore it is not registered with the FSC and therefore not subject to their regulations and supervision.
The FSC goes on to point out that as a result of its in-depth investigations into this ‘company’ no genuine association has been found between it and any legitimate company in the Isle of Man. However, links have been established to other potentially fraudulent companies who also purport to be registered in the Isle of Man. Similarities were found between the website of Standard Offshore Bank and the websites of companies who have been the subject of previous FSC Public Warning Statements. Furthermore the alleged officers of Standard Offshore Bank were also listed as being president, chairman, director etc., of these other previously investigated companies.
According to the Financial Supervision Commission anyone considering doing business with the entity should “exercise the greatest possible caution before proceeding” and anyone who has already done business should contact the FSC’s enforcement division. If you have already entered into a financial transaction with the entity then please contact your local police fraud unit immediately.
Please note that this offshore bank warning from the Isle of Man’s FSC does not relate to the genuine entity known as Standard Bank Offshore which is part of the correctly registered and legitimate group of companies known as Standard Bank Group. To find out more about the genuine Standard Bank Group you can visit their site https://www.sboff.com
To find out more about the Financial Supervision Commission or to contact them visit their site http://www.fsc.gov.im
Tarpon is an employment benefits company which offers contractors a tax-efficient payroll service. We are experts at giving impartial tax advice. We’ll claim up to 100% of your expenses back for you. And we’ll provide you with a personal business manager to handle both your admin and your invoicing. Plus many additional benefits making contracting more rewarding.

Delighted to meet you

We’re Tarpon, an employment benefits company specialising in contractor tax efficiency. We provide an indispensable array of services for contractors; not least of which is our payroll facility.

We have hundreds of clients and we’re renowned for our expertise. We’ve even negotiated terms directly with HM Revenue Customs.

Our team of highly trained and expert Account Advisers and Business Managers, all specialists in the world of contracting, deliver our services. They do so on a personal basis, backed up by a professional and well-resourced administration team.

We understand that when it comes to something as important as your livelihood you want to speak to: * Someone you know * Someone who knows you and your circumstances * Someone that knows what they?re talking about * Someone that you can rely on to do what they say they will, without being chased.

If you choose to join Tarpon, you will have a direct line to your own dedicated personal Business Manager, who will explain how everything works, be there to answer your questions, and look after your interests. That covers everything from making sure you?re paid accurately and on time, to providing advice on tax planning and developing the career plan you want.

When you?re a new Tarpon member, your Business Manager will call you at least once a week and talk you through everything you need to know. So you won?t have to invest time and energy into finding out about our simple procedures — you?ll be guided through in easy stages. When you are familiar with us, your Business Manager will step back and be there as and when you need them, but they will continue to call you every week, just to make sure everything continues to run smoothly.

Each Business Manager is a contracting and personal tax expert in his or her own right. They know the benefits of Tarpon inside out, and have an in-depth knowledge of contracting. So do use them!