What Should You Do If Your Employer Receives IRS Form 668-W (Notice Of Wage Levy – IRS Wage Garnishment)?
If your work has received an IRS Form 668-W that is directed at you, it means that an IRS wage garnishment, also known as an IRS wage tax levy, has been enacted against you by a Revenue Officer of the Internal Revenue Service. A wage garnishment is a collection action by the IRS to cover a delinquent income tax debt. If you have received a notice from your employer about IRS Form 668-W being filed against you, you need help from a tax professional to deal with the Internal Revenue Service wage levy.
IRS Form 668-W Is A Wage Garnishment
Like A Thief Stealing Your Paycheck
What does it mean when the Internal Revenue Service garnishes your paycheck with an IRS wage tax levy? With IRS Form 668-W, the IRS will notify your employer, informing your workplace about your unpaid income tax debt Once your employer has been notified, they are required by law to send a huge portion of your wages to cover the back taxes owed.
The IRS wage garnishment will be deducted from every paycheck through the Internal Revenue Service wage levy, and their will not be enough left for you to survive. You will have to curtail your expenses to the extreme just to cover the basic bills after an IRS wage garnishment.
IRS Wage Garnishment = IRS Tax Wage Levy
The IRS wage garnishment remains in effect until your tax debt is paid off or until the Revenue Officer agrees to release the IRS tax wage levy. To lift a wage garnishment that has been instituted by IRS Form 668-W, to get back to the point where you are getting paid what you deserve, call the Tax Resolution Institute at (800) 704-1443 for immediate assistance with an Internal Revenue Service wage garnishment.
Whether a company employs you or whether you are self-employed, the IRS possesses the means to garnish your wages with an IRS wage tax levy. The IRS will track you the source of your income if an IRS Form 668-W has been issued, and they will issue an Internal Revenue Service wage garnishment. If you are wondering what percentage of your wages will be garnished in an IRS tax wage levy, you can read the excerpt below that is taken directly from IRS Form 668-W about the process of an employer figuring out the amount exempt from an IRS wage garnishment.
There are three steps in figuring the amount exempt from this levy.
1. When you receive the completed Parts 3 and 4 from the taxpayer, use item 1 of the enclosed table (Publication 1494) to figure how much wages, salary, or other income is exempt from this levy. Find the correct block on the table using the taxpayer’s filing status, number of personal exemptions claimed, and pay period. Be sure you allow one exemption for the taxpayer, in addition to one for each person listed on Parts 3 and 4, unless, “I cannot claim myself as an exemption,” is written next to the taxpayer’s signature. If no Social Security Number is provided for a personal exemption, do not allow that exemption, unless “Less than six months old” is written in the space for that person’s Social Security Number. If you don’t receive the completed Parts 3 and 4, then the exempt amount is what would be exempt if the taxpayer had returned them indicating married filing separate and only the taxpayer is claimed as a personal exemption. Don’t use the information on the taxpayer’s Form W-4, Employee’s Withholding Allowance Certificate, to determine the amount that is exempt from this levy. That information can be different from what is filed on the employee’s individual income tax return.”
IRS Tax Wage Levy Means Time To Take Action
As you can see from the details of IRS Form 668-W, the percentage of income that will be left after an Internal Revenue Service wage garnishment is small and insignificant. An IRS wage garnishment is serious business, leading to a real loss of income coming to you. If your employer has received IRS Form 668-W, please do not delay until you are financially crippled. Take a step in the right direction and call the Tax Resolution Institute at (818) 704-1443 for a free consultation to deal with an IRS tax wage levy today.