IRS Wage Garnishments

If you've received a wage garnishment notice from the IRS or state tax authorities, it's crucial not to face them alone. Wage garnishments can be devastating, as the IRS can seize your assets, garnish your paycheck, and levy your bank account. Our experienced team of IRS wage garnishment attorneys, CPAs, and enrolled agents will fight vigorously to protect your assets and negotiate the best possible resolution with the IRS and state tax authorities.

Wage garnishments are a tool used by the IRS and state tax authorities to encourage taxpayers to enter into payment agreements or settle their debts through additional withholding with the help of their employers. It's important to note that wage garnishments don't happen out of nowhere. The IRS sends multiple notices and letters before initiating garnishment or any other form of financial levy. However, there's still time to take action and potentially settle your debt for less by working with the right professionals.

To release an IRS wage garnishment or levy, the IRS or state may require you to file any missing tax returns promptly. NY Tax Solvers has in-house tax preparers who can help you quickly file returns for the years you've missed, including older returns. Our team of attorneys, enrolled agents, and CPAs will assist you in organizing your tax information and ensuring accurate filing, no matter how old the returns are.

The initiation of wage garnishment by the IRS or state tax authorities does not happen immediately after you fall behind on your payments. You will receive a notice of an outstanding tax liability along with a tax assessment date that determines the expiration of your tax debt after ten years. However, as your debt nears the ten-year mark, the IRS becomes more aggressive in pursuing your tax liability.

The amount the IRS garnishes from your wages depends on various factors, including your current income, filing status, and the number of dependents you support. The IRS will exempt a certain portion of your income from garnishment based on these factors. However, the exemption amounts can vary from state to state, making it crucial to seek professional assistance to navigate the complex calculations and determine the best course of action.

If you are self-employed, the IRS can levy your bank accounts or investment properties directly instead of garnishing your wages. They can freeze your bank account or seize your assets to satisfy your tax debt. It's important to act quickly and seek professional guidance if the IRS decides to levy your funds or sell your property.

If wage garnishments are causing significant financial hardship, we can help you explore the "Currently Not Collectible" program. This program can temporarily halt collection actions by the IRS while you experience financial difficulties. However, it's essential to note that filing as currently not collectible does not protect your debt from accruing interest. For a permanent solution, we can discuss the Offer in Compromise program, which offers the potential to settle your debt for less.

Don't delay taking action if you're facing IRS wage garnishments. Contact NY Tax Solvers for a free consultation to discuss your options and find the best strategy for your situation. Our team will provide the necessary support to navigate the complexities of wage garnishments and work towards a favorable resolution with the IRS.