Is Your Social Security Secure?

So you are retired and it's time to relax and live life at a more relaxed pace. This is the life you have been waiting on. You can finally live life with no worries. You have a retirement nest egg and of course you have your Social Security Income. But wait...you also have some lingering tax issues you did not get cleared up before you retired. Most might fear that the IRS can gather up your nest egg and leave you with an empty "coop." This is true but there IS another concern...the IRS can also levy your Social Security Check. Let me say that again...

The IRS can levy your Social Security Check!

The IRS can levy up to 15% of your Social Security Income in order to retrieve the money you owe the IRS for past due taxes. I know what you are thinking...I don't make enough in my social security check now...how am I going to pay my bills if they take even more money out of it? There are solutions that can be reached so if you want to know what your options are before this happens to you please contact a professional tax resolution company.

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!