As a successful married couple from Newport Beach in Orange County, two physicians not only lived together, but worked together as well. With a thriving family practice, a beautiful home overlooking the sea and two kids in the best private schools, they believed that nothing could go wrong. What did go wrong, however, is they failed to pay their income taxes and the IRS came after them. Owing close to $150,000 in back taxes and penalties and with an IRS Notice of Intent to Levy hanging over their heads, the couple knew they had to take immediate action. On the recommendation of a close friend, they contacted Peter Stephan and the Tax Resolution Institute for the best in tax resolution services.
Since they had just received a Notice of Intent to Levy from the IRS, they had to act before their joint family and business bank accounts would be levied. The levy takes place 30 days from the date on the Notice of Intent. The bank holds the funds for 21 days before remitting to the IRS. Meeting with them right away, Peter Stephan devised a tax resolution plan that would stop the levy from ever happening. With the help of the tax attorneys at the Tax Resolution Institute, a viable Installment Agreement was negotiated with the IRS Revenue Officer appointed to the Newport Beach couple’s case. Luckily, Peter Stephan has extensive experience with local Southern California Revenue Officers, and he knows the legal steps to take to get an agreement made.
When the Newport Beach couple learned that the Installment Agreement was for $650 a month, they were thrilled. As successful doctors with a thriving practice, the amount of the monthly payment made perfect sense and did not threaten their standard of living. With the IRS Installment Agreement in place, the healing of their income tax problem could begin, and they could return to their practice without the threat of an IRS levy hanging over their heads.
If you have received a Notice of Intent to Levy from the Internal Revenue Service, the time to act is now. The levy takes place 30 days from the date on the Notice of Intent from the IRS. Your bank holds the funds for 21 days before remitting to the IRS. Once the IRS has your money, it is extremely hard to get it back even if an Installment Agreement or an Offer in Compromise can be worked out for your delinquent tax debt. Please contact the Tax Resolution today so we can help you with the very best in tax resolution services and effective tax relief.