Wall & Associates, Inc
One of the nation's leading professional tax representation & negotiation firms. We solve both federal and state tax problems nationwide.

When Can Wage Garnishments Occur?

cutting down wages

To most people, wage garnishment comes as an unwelcome surprise. If you have failed to pay any amount of your income taxes, however, the IRS will eventually take the funds directly out of your paycheck. According to the Consumer Credit Protection Act, you cannot have all of your paycheck garnished. The IRS cannot touch your earnings that have to be deducted for Social Security, unemployment insurance, retirement (if you are a state employee), and federal and state taxes.

Over and above taking money directly from your paycheck, and all the pain and inconvenience that can cause, the IRS can also levy your commission income, your retirement accounts, your bank accounts, and even the cash value of your life insurance!

If you owe money to the IRS, contact the tax negotiation specialists at Wall & Associates, Inc. Our tax experts have helped numerous people stop wage garnishment, prevent wage levies, and resolve their tax problems. To schedule a free consultation, call us today at (800) 337-6699.

Not a solicitation for legal services.

What You Need to Know About Bank Account Levies

Close-up Of Hand Filling Cheque

If you owe money to the IRS, money may be taken out of your bank account in order to satisfy the debt. This is known as a bank levy.  However, the IRS does have to provide you with timely notice of their intent to take money from your account in order to give you a chance to resolve the debt first. A bank account levy should not be confused with wage garnishment, which involves taking funds out of your paycheck.

Are you in trouble with the IRS? The tax relief experts at Wall & Associates have extensive experience negotiating directly with the IRS to prevent bank account levies. To set up a consultation to discuss your tax problems, call (800) 337-6699 today.

Not a solicitation for legal services. 

What Property Can the IRS Seize?

If the IRS believes that you have unpaid tax debt, it has a number of effective collection tools in its arsenal. The IRS can file a tax lien against your property, which does not actually seize the property. If the tax lien does not resolve the tax debt, the IRS can issue a levy, which is a direct seizure of property to satisfy tax debt. Levies can cause significant financial hardship for individuals. If you have received a notice of intent to levy, contact a tax relief specialist right away to learn about your options.

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Real and Personal Property
If a taxpayer is suspected of failing to meet his or her tax obligations or failing to make arrangements to pay, the IRS can seize various types of personal property that the taxpayer either owns or has an interest in. If your name is on the title to a house, vehicle, or boat, the IRS can seize it and sell it at auction to satisfy the tax debt. However, a tax relief specialist can negotiate with the IRS. For example, the expert might convince the IRS not to seize your car because you need it to get to work.

Financial Accounts
The IRS routinely places levies on financial accounts to collect unpaid taxes. For instance, the IRS can place a levy on your checking or savings account, even if you need that money to pay bills and living expenses. The agency can also issue a levy through your employer to collect money directly from your paycheck. Other financial accounts that may be subject to seizure include retirement accounts, dividends, rental income, accounts receivable, commissions, and even the cash value of your life insurance policy.

You have the right to representation if you have received a notice of intent to levy. You can call Wall & Associates, Inc. for a free, confidential consultation to discuss your tax debt. Individuals across the country can reach us at (800) 337-6699 or via our website.

Not a solicitation for legal services.

Understanding Innocent Spouse Relief

If your spouse or former spouse improperly reported income on a joint tax return, you could be eligible for innocent spouse relief. If granted, you won’t be obligated to pay tax debt resulting from your spouse’s errors. However, the IRS can still collect tax debt, penalties, and interest that do not qualify for relief. To learn whether you might qualify for innocent spouse relief, contact a tax relief specialist today.

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Conditions for Eligibility
Since it’s in the best interests of the IRS to recover as much money as possible with collection efforts, it’s in your best interests to consult a tax specialist about your eligibility for relief. There are four conditions for innocent spouse relief and you must meet all of them. First, you must have filed a joint tax return that showed an understatement of tax debt due to erroneous items. Second, you must not have known about the understatement when you signed the return. Third, it must be considered unfair to hold you liable for the tax debt. And fourth, you must not be found to have engaged in a fraudulent property transfer scheme.

Definition of Erroneous Items
The first condition for innocent spouse relief eligibility involves erroneous items. The IRS defines erroneous items as any unreported income earned by your spouse or former spouse. Incorrect credits, deductions, or property basis that were claimed by your spouse or ex-spouse also qualify as erroneous items.

Establishment of a Reason to Know
If it is determined that you knew of the erroneous items, you do not qualify for innocent spouse relief. The same is true if the IRS determines you had a reason to know. The IRS considers many different factors to determine this, including your financial situation, business experience, educational background, nature of the erroneous item, and your participation in the preparation of the tax return.

At Wall & Associates, Inc., our tax relief experts have helped many people obtain innocent spouse relief. We will negotiate directly with the IRS to resolve your situation and help you get your finances back on track. To talk with a tax relief specialist today, give us a call at (800) 337-6699.

Not a solicitation for legal services.

Factors Considered When You Apply for an OIC

Modern SUV moving with motion blur

It’s all too common for taxpayers to find themselves owing more in back taxes, penalties, and interest than they can afford to pay, even with an installment agreement.  In fact, according to the IRS, more than 90% of installment agreements with them default before completion.  This is why tax relief specialists often recommend applying for an offer in compromise (OIC), which can enable taxpayers to pay a reduced amount as a final payment to settle all of their tax liabilities.

A tax specialist can help you determine if you could be eligible for an OIC. Among the steps you’ll need to take, with professional advice and assistance, is to file all of your tax returns. You’ll also have to disclose all of your assets, such as bank accounts, real estate, vehicles, etc.

Wall & Associates, Inc. assists taxpayers across the nation with tax negotiations, including arranging for offers in compromise. Stop the endless cycle of debt by calling us at (800) 337-6699.

Not a solicitation for legal services.

Understanding the Risks of Unfiled Tax Returns

There are many reasons why taxpayers might neglect to file tax returns on time. Sometimes, failure to file is because of a death in the family or because the taxpayer is an active duty service member who was deployed at the time taxes were due. Regardless of why you failed to file your tax returns on time, it’s imperative to fix that situation right away. As a tax relief specialist Like Wall and Associates, Inc. can tell you, the IRS will aggressively pursue individuals who fail to file on time. You’ll likely need the help of a tax debt consultant to get back on track.

Tax Forms for the IRS with Schedules

Substitute Tax Returns
If the IRS thinks you failed to file one or more tax returns, it can file a substitute tax return on your behalf.  Since the IRS is filing this document on your behalf, it will not give you credit for any exemptions, business deductions, or tax credits. The IRS will not claim your children on your behalf, nor will it give you credit for your mortgage interest or the cost of your stock sales. A substitute tax return only involves one standard deduction and one personal exemption. This means you’ll end up owing far more in tax debt than what you could have owed if you had filed your tax return yourself. Even if the IRS has already filed a substitute tax return, a tax relief specialist can still help you with this challenging situation.

Collection Actions
After the IRS files a substitute tax return, it will begin collection actions against your tax debt. This could take the form of a lien placed personal property, for example, preventing you from selling or refinancing your home. Or, the IRS can legally seize your property and cash in back accounts with a levy, or even hit you with a wage garnishment.

Have you been contacted by the IRS about unfiled tax returns or tax debt? Even if you haven’t yet, but you have unfiled returns, the time is now to contact the tax relief specialists at Wall & Associates, Inc. right away. You can reach us at (800) 337-6699 or visit our website to learn how our tax relief consultants can help you resolve your tax debt.

Not a solicitation for legal services.

A Look at How Tax Issues Can Impact Your Credit

Tax debt and intimidation by the IRS can affect your life in many ways. Unless you work with a tax relief specialist, you might find yourself losing the cash in your bank account and perhaps even losing your home. But did you know that tax debt can affect you for years to come—even after it’s resolved—by impacting your credit history?  Liens show up on your credit reports as a debt, FYI. 

Budget Setting

Debt Obligations
Owing money to the IRS is a serious matter, given the aggressive collection actions they have at their disposal. Many taxpayers who owe tax debt give the IRS money that they really can’t afford to pay. This can create significant problems when it’s time to pay other bills, such as personal loan payments, mortgage payments, and credit card bills. If those bills are paid late, that may affect the taxpayer’s credit history.

Wage Garnishments
If the IRS decides to directly garnish your wages for the payment of back taxes, it can severely impact your financial life, too.  Without sufficient monthly cash flow, you may well fall behind on all your bills, adversely affecting your credit score if those bills become past due and delinquent.

Tax Liens
The IRS can issue a tax lien against your assets if it feels you have not made satisfactory arrangements for your tax debt. Tax liens are reported to the credit agencies and they will have a significant effect on your credit history.

Don’t let tax debt control your world. The tax relief specialists at Wall & Associates, Inc. have helped countless people resolve their tax debt, stop wage levies, release tax liens and bank levies, and straighten out their credit problems related to tax issues. Call the experts at Wall and Associates, Inc. right away at 1-800-337-669 for your free consultation.

Not a solicitation for legal services.

Tax Vocabulary: Levy

Tax Man Cometh 1

The IRS can use aggressive methods of collecting tax debt, including issuing levies. Levies and liens are terms that are often used interchangeably. In fact, a lien is filed against property that you owe. A levy is the act of seizing property to pay a tax debt. If the IRS believes you owe back taxes and you have not yet contacted a tax specialist to make arrangements for a payment plan, the IRS can legally seize various types of property.

The IRS can issue a levy on your bank accounts, wages, retirement accounts, dividends, and the cash loan value of any life insurance policies you hold. The IRS can also seize physical property, such as your car, house, or boat. If you receive a notice from the IRS that announces its intent to levy your assets, it’s imperative to contact a tax relief specialist right away. A tax relief expert can negotiate with the IRS to lift the levy and to make arrangements for satisfying your tax debt.

The tax relief team at Wall & Associates, Inc. has extensive experience in negotiating with the IRS to release levies and liens. Give us a call at (888) 702-1523 and let us know how we can help you.

Not a solicitation for legal services.

When Can the IRS Levy Your State Income Tax Refund?

social security benefits

If you owe the IRS back taxes, you may receive a CP504 notice. The IRS sends a CP504 notice to let you know that the agency plans to issue a levy to seize the tax refund you expected to receive from the state. The CP504 notice will also inform you that if your state tax refund is not sufficient to cover your federal tax debt, the IRS will look for additional assets that they can issue a levy on. For example, the IRS may threaten to levy your wages, Social Security benefits, bank accounts, or other assets. The agency can even threaten to seize your car and your home to satisfy your tax debt.

The CP504 notice will inform you that you need to pay off your tax debt immediately to avoid having your state tax refund and other assets seized. However, the tax code is a complicated area. It’s always advisable to seek aggressive representation from a tax consultant who can negotiate with the IRS on your behalf and stop levies.

The veteran tax relief specialists at Wall & Associates, Inc. will negotiate directly with the IRS on your behalf to stop levies. Call (888) 702-1523 today to learn about your tax relief options.

Not a solicitation for legal services.

How Working with a Tax Professional Can Help Stop Wage Garnishments

Earnings Statement

Individuals who have back tax debt often face wage garnishments. In this situation, the IRS files a wage garnishment with your employer, who will be legally obligated to send a portion of your paycheck to the IRS. This can make it very difficult to make ends meet, particularly if you were already in a challenging financial situation. Fortunately, working with an experienced tax consultant like Wall and Associates, Inc. may help resolve your problems.

These kinds of tax professionals must be licensed to negotiate with the IRS on your behalf.  If they are, you won’t have to talk to the IRS directly again.  In some cases, a tax expert may recommend making an offer in compromise, which could enable you to settle your back tax debt for less than your total liability.

At Wall & Associates, Inc., our tax specialists have extensive experience in resolving back tax debt and getting wage garnishments released. For more information, call (888) 702-1523.

Not a solicitation for legal services.

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