Levies can really do a lot of damage and even ruin your life. A levy is the IRS's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, auto's, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.
As bad as that is, a worse method is a wage levy (or garnishment). That's when most of your pay check goes to the IRS, they don't leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.
If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value. If this is the case, it is time to elecit the help of an accounting firm in Provo.
An expert tax advisor in Provo is often able to get those levies released and help you get out of this terrible situation. At Paramount Tax & Accounting CPAs Provo, our goal is to get you even with the IRS, with what you can afford, and let you start life anew.
Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accounting firm, such as Paramount Tax & Accounting CPAs Provo, is that we know taxes!
Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Bank Account Levy firm in Provo. So when you ask yourself, "Where can I find accounting services near me?"... think no further than Paramount Tax & Accounting CPAs Provo!
Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accounting firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accounting firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Accounting CPAs Provo a call or visit our tax and accounting firm in Provo for a free consultation.
