A tax levy is serious business. If you owe money to the IRS and you think that you might be at risk of an IRS wage levy, it is important to understand what that means and what it meant by an IRS wage levy release.
Generally, an IRS tax levy means that the IRS may seize your property and use it to satisfy your tax debt. In many cases, the IRS must sell your property in order to use it against your tax debt. However, in the case of an IRS wage levy, the IRS simply takes money as you earn it, collecting it directly from your employer.
What an IRS Wage Levy Release Means, and What It Doesn’t
You may be able to convince the IRS that the wage levy is causing you an immediate economic hardship and that the wage levy should be released. This could put more money back into your paycheck and take away some of the acute financial hardship that is present in your life right now.
However, even if an IRS wage levy release is granted, it is important to know that your tax debt has not been satisfied—you still owe the IRS. The wage levy release simply means that the IRS is not going to take money out of your paycheck right now to satisfy that debt.
In other words, even if the IRS grants a wage levy release, you may still need tax relief help. Please browse the free resources available on this website to learn more about your legal options and feel free to contact us directly if you have questions.