IRS Notices Letters and Forms Collections Form 8519

The IRS used Form 8519 to notify you and your financial institution of a levy. The levy is not continuous and only affects the money in the account on the day the levy is acted upon. Form 668-A(c) can be used to seize life insurance, trusts, stock accounts, IRA’s or 401(k)’s, etc. but it is most often used for bank accounts.

Your financial institution will hold the money for 21 days before sending it to the IRS. So you have that amount of time to convince the IRS this would be an extreme hardship.

There are various reasons why your account may have been levied so your approach to resolution will vary with the situation. In general, to get a release you must be current with tax filings, disclose your financial situation and arrange an agreement to resolve the IRS debt. This must happen within the 21 days period or the financial institution WILL send the money to the IRS. If you are successful, the IRS will issue a levy release. Upon the financial institution receiving the levy release, they will release the hold on the funds.

It is very time-consuming and aggravating process. Timing is everything here

If you have outstanding debts or unfiled returns, you need to get hire a Certified Tax Resolution Specialist

IRS Notices, Letters and Forms Collections Form 8519

The IRS used Form 8519 to notify you and your financial institution of a levy. The levy is not continuous and only affects the money in the account on the day the levy is acted upon. Form 668-A(c) can be used to seize life insurance, trusts, stock accounts, IRA’s or 401(k)’s, etc. but it is most often used for bank accounts.

Your financial institution will hold the money for 21 days before sending it to the IRS. So you have that amount of time to convince the IRS this would be an extreme hardship.

There are various reasons why your account may have been levied so your approach to resolution will vary with the situation. In general, to get a release you must be current with tax filings, disclose your financial situation and arrange an agreement to resolve the IRS debt. This must happen within the 21 days period or the financial institution WILL send the money to the IRS. If you are successful, the IRS will issue a levy release. Upon the financial institution receiving the levy release, they will release the hold on the funds.

It is very time-consuming and aggravating process. Timing is everything here.

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What is my first step?

If you received a letter or notice, a decision has to be made. Do you feel confident to handle this situation on your own? If it is a simple issue and you already know the answer, call or write them. If the issue is more complicated, you need to hire a Certified Tax Resolution Specialist. The IRS or State will take full advantage of your lack of knowledge and experience.

What is Your Next Step?

The next step is to determine if the notice was sent in error. Do you have an outstanding tax liability? Do you have unfiled or incomplete returns?

Is There a Time Limit?

Yes, each letter or notice from the IRS or State will indicate a date that you MUST to contact them by. If you need more time, call the number on the notice or letter and request an extension. DO NOT ALLOW the time to expire without contacting them or hiring a representative to contact them for you.

What You Don’t Want to Do!

What you don’t want to do is nothing. Your tax problems will only get worse if you ignore them. If you cannot pay, there are a number of potential solutions available to those who are otherwise in compliance. In compliance means having all tax returns filed and any balances paid or on a payment plan. If you have outstanding debts or unfiled returns, you need to get hire a Certified Tax Resolution Specialist.

Get Some Help

If you don’t know how to address the issue(s), have unfiled return/unpaid balances or just done feel confident, let the experts at Legacy Tax & Resolution Services represent you. Work with our team of Certified Tax Resolution Specialists to resolve your issue(s) quickly. Best of all, you don’t have to talk to the IRS or State; we can speak on your behalf.

Stop the stress and resolve your problems Call 800-829-7483 TODAY