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What is IRS Levies Form 668-A and 668-W?

Understanding IRS Levies Form 668-A and 668-W

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.

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FAQs

 The simple answer is no. A business and a person are completely separate, thus, any personal tax debts or liabilities should not affect your business.

Tax debt can be an exhausting and complicated thing to deal with on your own. Communicating with the IRS and professionally handling your tax liabilities are just two of the services companies like Priority Tax Relief can offer.

No. The IRS’s Innocent Spouse Relief protects you from paying these additional taxes. However, this does not relieve you from household employment taxes, business taxes, individual joint responsibility payments etc. Priority Tax Relief helps you learn more about innocent spouse relief.

The most popular option to date would be an Offer In Compromise (OIC). At Priority Tax Relief, we help tax relief help become more accessible to taxpayers in need and help them understand how they can qualify for these options.

IRS tax liens are legal claims on your property when you do not settle your tax debts. The IRS usually sends out a notice when no payment has been made after a liability assessment. Find out more about tax liens with Priority Tax Relief.

Yes. Not only can the IRS put a claim on all your current property, tax liens can also affect any property or intangible or tangible assets that you obtain in the future. At Priority Tax Relief, we help you understand federal tax liens and how to communicate with the IRS.

 

Tax levies are the actual seizure of your property and are different from legal claims or tax liens. Settle your taxes before the IRS sends out a notice. Priority Tax Relief helps you understand tax levies and how you can avoid them.

Yes. Not only can they seize physical property but they can also legally take hold of the money in your bank account and other wages. To avoid this from happening, contact Priority Tax Relief now.

Your debt will, unfortunately, continue to grow and you will possibly lose a great number of your assets. It is definitely a scenario we do not wish to see happen to anyone, that’s why Priority Tax Relief makes sure that our help becomes within reach.

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