IRS Wage Garnishments: How Does Accountant Help and What to Know?
Do you owe money to the IRS in Yonkers? If so, they will do anything to get payment from you, and one such method of getting payment is via a wage garnishment or lien. Here, the IRS can snatch all or a portion of your monthly take-home salary. Nobody, neither the employer nor the debtor, can ever think of being in that situation, so an accountant in Tampa can assist you in getting out of this situation.
Dealing with an IRS wage garnishment can be challenging and stressful for taxpayers; therefore, understanding the process & rights can help you steer this situation more efficiently. This holistic guide will discuss IRS wage garnishments, methods, and more!
IRS Wage Garnishment: Overview
The IRS uses this legal process to levy unpaid taxes straight from a person’s wages. It lets the IRS order an employer to withhold a share of an employee’s salary and remit it to the IRS to fulfill the tax debt. The withheld amount depends on the taxpayer’s filing status and total number of dependents.
Things to Know About IRS Wage Garnishment
Legal Foundation for Wage Garnishment
Unlike other creditors, the IRS can assess your wages without getting a court order. Federal law enables the IRS to garnish wages to gather unpaid taxes, interest, and penalties.
Exemptions from Wage Garnishment
Specific types of income, such as disability payments, Social Security amenities, and particular public guidance, are exempt from IRS Wage Garnishment.
Installment Covenant in Compromise
Taxpayers in Yonkers can steer clear of or deter wage garnishment by availing an installment agreement or an Offer in Compromise with the IRS. Such arrangements let taxpayers repay their tax debt over time or settle for a minimum than the complete amount owed.
Financial Challenges
Taxpayers with financial difficulties might be eligible for a complete or partial wage garnishment release. The IRS will consider expenses, income, and assets while assessing hardship lawsuits.
Process of IRS Wage Garnishment
Notice – The IRS usually sends several notices to the taxpayer before resorting to wage garnishment, which informs them about the owed amount, deadline, and the potential outcomes of non-compliance.
Final Notice of Intent to Levy – In case the taxpayer doesn’t answer the previous notices or can’t pay the outstanding tax debt, the IRS will issue a Final Notice of Intent to Levy. This notice informs the taxpayer that the IRS will attempt to seize their earnings if the bill is not paid within 30 days.
Wage Garnishment – If the taxpayer can’t take the right action within 30 days, the IRS will get in touch with the taxpayer’s employer and issue a wage garnishment order. The employer must lawfully capitulate and withhold some of the employee’s salaries.
How does Accountant Help?
The tax accountant in Yonkers uses many methods to provide tax relief to you and your family. They are experienced in state and federal guidelines of tax liability and taxation. For every audit and back tax case, several options are available for resolving tax issues and eligible for tax relief. Prompt acting is fundamental, as waiting only deteriorates tax debt.
Conclusion
Having your wages garnished is horrendous, and it may feel like an improbable circumstance. Therefore, taking on-time action and interacting with the IRS is vital to exploring potential resolutions and mitigating the consequences of wage garnishments. Seeking guidance from IRS tax accountants lets you steer the challenging processes involved with complete peace of mind and ensures the best possible outcome for taxpayers. Whether via financial challenges claims, several ways exist to address IRS wage garnishments and regain control of your finances.
