How Can I Stop the IRS from Lvying My Property if I Miss Payments?
Full Question:
Answer:
Throughout the term of an installment agreement, your payments must be made on time. If your payments cannot be made due to a change in your financial condition, you should contact the IRS immediately. Failure to make timely payments could default your agreement. A default of your installment agreement may cause the filing of a Notice of Federal Tax Lien and/or an IRS levy action. Either can have a negative effect on your credit standing and cause financial difficulties.
Generally, IRS enforced collection actions (i.e., levy against personal or real property) are not made while an installment agreement request is being considered, or:
-While an agreement is in effect,
-For 30 days after a request for an agreement has been rejected, and
-For any period while a timely appeal of the rejection or termination is being evaluated by the IRS.
A levy may be transmitted to FMS without issuing a Final Notice if you previously requested a Collection Due Process (CDP) hearing on employment taxes. The Small Business and Work Opportunity Tax Act of 2007 amended I.R.C. Section 6330(f) and permits such a levy. If you requested a CDP hearing on previous employment taxes NO MORE THAN 2 years prior to the employment taxes being levied, we will send you a Notice of Levy and Notice of Your Right to a Hearing, CP 297A.
For further discussion, please see:
http://www.irs.gov/individuals/article/0,,id=128497,00.html
http://www.irs.gov/individuals/article/0,,id=100551,00.html
http://www.irs.gov/localcontacts/article/0,,id=98284,00.html
