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You have received notice that the IRS is going to apply a wage garnishment to your paycheck. What exactly does that mean? Well, it means that the IRS can notify your employer that you have a back tax debt. And your employer is then required by law to send a significant portion of each of your paychecks directly to the IRS to offset the debt.
The dollar amount sent to the IRS for your wage garnishment depends on your filing status, the number of exemptions you claim and how often you get paid. For instance, in 2008, if you are single, claim one exemption and get paid biweekly, the IRS can take all but $344.23 out of each paycheck. If you are married and filing a joint return, claim three exemptions and get paid weekly, the IRS can leave you with just $411.54 from each paycheck. This can and usually will lead to a financial nightmare.
At Tax & Business Solutions, we never advise any taxpayer to take on the IRS on your own. If you do nothing, the IRS will continue to garnish your paycheck until your debt is paid in full.
What Tax & Business Solutions will do for you is work with the IRS to negotiate the full or partial release of the wage garnishment if you qualify for relief. Depending upon your individual circumstances, we may be able to arrange an Installment Agreement to pay the IRS a specified dollar amount every month until the debt is paid. Once the Installment Agreement is in place, we may be able to negotiate an Offer in Compromise and settle your debt for less than the actual liability, depending on your individual financial circumstances. Another option is to be placed in a Currently Not Collectible status, in which you may not have to make payments to the IRS at all, again depending on your individual financial circumstances.
In fiscal year 2007 (Oct. 1, 2006 through Sept. 20, 2007), the IRS issued nearly 3.8 million wage garnishments and levies combined against taxpayers. That number increased 17 times since fiscal year 2000 when just over 250,000 were issued, according to the Fiscal Year 2007 IRS Enforcement and Service Statistics.
If you receive notice of a wage garnishment, contact us immediately. When you hire Tax & Business Solutions, you can be comforted in knowing that our Tax Team has years of experience in dealing with the IRS. With our Tax Team on your side, you can face the IRS with confidence. Dont become another IRS statistic.
Tax & Business Solutions | 5629 Fm 1960 West Suite 221, Houston, TX 77069 | Phone: (281) 781-7794 | Fax: (832) 201-0656 | email@example.com