Last Updated on 05/14/2024 by Allison Ward
IRS Levies Form 668-A and 668-W tax complications can sometimes feel like navigating a maze in the dark. If you’ve received a levy notice, whether it’s the enigmatic Form 668-A or the continuous Form 668-W, understanding these notices and seeking the right tax relief can illuminate your path to financial security.
The Form 668-A Notice of Levy arrives from the IRS to gather past-due taxes through an account receivables or bank, temporarily freezing the funds in that account. However, don’t fret! It’s not forever. This is a one-time levy, not a continuous one. On the other hand, the Form 668-W Notice of Levy is a continuous levy or garnishment, often targeting your wages.
Decoding IRS Levies Form 668-A and 668-W
Let’s face it – receiving an IRS levy notice can spark immediate panic, especially IRS Levies Form 668-A and 668-W. But before you let anxiety take the wheel, let’s dissect the Form 668-A Notice of Levy. This notice is sent by the IRS to collect back taxes via your account receivables or bank.
Form 668-W – the Notice of Levy that delves into your wages. Unlike its 668-A counterpart, this levy means business, often garnishing your wages in a continuous manner. But here’s the silver lining: this levy too can be negotiated and released.
Liberating Your Funds: Releasing Levies with Finesse
Accounts Receivable Levy (668-A): When your client receives a Form 668-A to collect your tax debt, they’re obliged to direct any owed funds to the IRS. But if no money is owed at that time, the levy’s impact diminishes. The IRS would need to re-levy to capture future payments. If luck isn’t on your side and the levy holds, effective negotiation – by you or a tax professional – can secure its release. Remember to request the accounts receivable’s fax number for expedited communication.
Bank Levy (668-A): Bank levies freeze current funds, not future deposits. You can even deposit money on the day of the levy – these funds won’t be affected. If you’re hit with a bank levy, contact your bank for a possible release and ascertain the frozen amount.
In both cases, you have a 21-day window before funds transfer to the IRS. Effective communication with the IRS, backed by your accountant or attorney, can lead to partial or full levy release. Gather fax numbers from clients or banks for swift resolution.
Wage Levy (668-W): Once Form 668-W lands, reach out to your human resources department for their fax number. Learn the "cut-off" date for levy release. You and your tax expert will then engage the IRS, often demonstrating financial hardship via Form 433-F. Even if complete release isn’t achievable, modification might reduce the garnishment. After liaising with the IRS, provide your human resources’ fax number for a timely release.
Priority Tax Relief: Your Trusted Levy Navigator
While levy notices like Form 668-A and 668-W can be baffling, they’re not the end of the road. That’s where Priority Tax Relief steps in – your beacon of expertise in the realm of IRS challenges. We’re here to help with complex levy codes and urgent matters such as wage garnishments and fines. Our goal is to work together for positive results. We don’t just understand – we take action, negotiate, and protect your financial security.
Conclusion
Form 668-A and 668-W might sound like cryptic tales, but they’re stories with solutions. Panic isn’t your co-pilot – knowledge and professional assistance are. With Priority Tax Relief by your side, you’re no longer in the dark maze of IRS complications. It’s time to steer your path towards levy liberation, financial freedom, and peace of mind.