Tuesday, July 15, 2008

The IRS Took My Paycheck

After several notifications from the IRS, you receive a "CP 504" as a certified letter like the one shown in the picture above. This letter is not like the others you have received. This letter has "ATTENTION PLEASE" written all over it. First, it's delivered certified mail which is always an eye opener. Next, the letter serves to notify you that since the IRS has not received a response or payment for your back taxes (in spite of all the notices they sent you) they have decided to levy your paycheck. Since you decided not to send any money to the IRS they decided to help you out by saving you the cost of a stamp and remove it themselves. That way you don't have to mail them a check for up to 85% of your net paycheck each pay period.

The fact is, that as "off the wall" as the above comments may sound, the IRS can remove up to 85% of your net paycheck each and every pay period for as long as it takes to eliminate the entire liability. This is done through a process called a wage levy. This can be removed once you have entered into a negotiated agreement of tax resolution. If this has happened to you please make sure you contact a professional tax resolution company to help you in the negotiation process.

So if you receive a certified letter CP 504 in the mail notifying you that the IRS is planning to send your employer a wage levy request, please make sure you don't waste any time getting this taken care of. Once the levy is in place it will take more effort, time and money to get it released. And if that letter is on a form L1058 (noted in the bottom right hand of the letter) a levy is eminent in a very short period of time. This is a final notice that can come after the CP 504 and before the levy...or not at all before being levied. Don't wait once you get a certified letter in the mail. GET HELP SOON!

1 comment:

scott davidson said...

Thanks for sharing useful information. Indeed IRS Settlement was a big pain and it almost screwed my future, poor credit score and all worse that can happen. Still i was lucky to find few experts that helped in my irs debt settlement, irsmedic.com were experts and help me in IRS settlement quickly. I was helped, hope you will too.