What is Wage Garnishment?
Overview
A Wage Garnishment is a form of Levy that the IRS can place against your income and future income. If the IRS places a levy on your wages, your employer is required to collect a large percentage of your paycheck and forward it to the IRS on your behalf.
This could possibly leave you with barely enough money to pay your bills. Once an employer receives a Notice of Levy they will have about one pay cycle to start collecting payments. You must act immediately to stop this action before it takes hold.
Types of Wage Garnishment
There are relief options in place, but you must act fast. Your employer should notify as soon as they receive the notice from the IRS. If this happens, you have the ability to ask the IRS to review your case and can request a Collection Due Process hearing with the Office of Appeals. You have 30 days to file this request, although you obviously want to request this as soon as possible in order to reverse the Levy.
If your employer received a Notice of Levy and you are being threatened with losing a large portion of your income, call us and let us work with on a plan that will stop the garnishment and work out a favorable option with the IRS. Our Tax Consultants will walk you through the process and explore all the options available to you. Don’t delay in acting while your income is confiscated.
Understanding Your Rights
An IRS Wage Garnishment can be a financial disaster for a taxpayer living check to check or struggling to get by. Once a garnishment is filed with your employer they are legally required to collect as much as 75% of your income until the debt is fully paid. The IRS can demand that a tax debtor’s employer MUST send a large portion of the tax debtor’s wages directly to the IRS. U.S. Code Section 6334 does allow for an exempt amount that must remain outside of the levy. That amount is relatively small, and sometimes could leave the taxpayer with hardly enough to satisfy his or her monthly living expenses. Our Tax Resolution Specialists can file a Collection Appeal on your behalf to get the IRS to stop levying your paycheck. Call and speak with one of our experts to ensure you are protected against this financial threat.
Negative Impacts of Wage Garnishment
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