IRS Practice Series: 10 Steps to Release IRS Levies on Paychecks or Bank Accounts

Author: Eva Rosenberg, Michael Rozbruch

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course will provide a detailed breakdown of the Levy process. From understanding when and why a taxpayer is levied, to gathering information and generating a argument, to getting it released, the course will explore step by step process for getting a levy released.

Publication Date: May 2016

Designed For
Any proactive, current or prospective, Circular 230 practitioner who understands that the IRS is ramping up the "close the tax gap". Tax practitioners who want to protect their clients from IRS' predatory collections action. Tax practitioners who want to prevent the erosion of their client base, as their clients turn to free and cheap tax preparation services online. Tax practitioners who want to develop the skills to prevent and/or resolve IRS collections actions. And tax practitioners who want to grow their business into this rapidly expanding market.

Topics Covered

  • Causes for a levy action SFRs
  • Filing with a balance due
  • Audit balance due
  • Avoiding the levy
  • Getting a levy released
  • Preparer Hotline or e-services to get taxpayer information
  • The steps necessary to get the levy released
  • TAS
  • Follow up after the Levy Release

Learning Objectives

  • Identify a foundation for understanding the levy process and the procedure for getting a levy released
  • Recognize how to help a tax practitioner learn to expand their practice base to include representation
  • Describe the cause of a levy
  • Evaluate what a lien is
  • Recognize what must be signed prior to calling the IRS for your client
  • Identify the Collection Due Process Hearing deadline is missed, there may be a relief, albeit not as strong, by requesting what
  • Differentiate how much legally is allowed to be garnished when the IRS issues a garnishment against wages
  • Recognize the length of time a levy is good for when the IRS issues one on a bank account
  • Identify the easiest way to deal with a balance due to the IRS
  • Evaluate what is prudent to get from the IRS facts that relate to dealing with a taxpayer's levy
  • Recognize which letter the IRS will issues once an agreement has been set up with the IRS to pay the balance due and the taxpayer fails to make the agreed upon payments
  • Identify which form must be used in order to get an extension of time to pay
  • Describe what must be current in terms of being in compliance when requesting a release of a levy
  • Evaluate how much is legally allowed to be levied when the IRS issues a levy against a bank account
  • Recognize the main purpose of the hearing after the 1058 Letter comes out, the taxpayer may request a CDP hearing
  • Identify how to verify a levy release, the practitioner should request not only a list of companies that receive the levy notice and at the time of the release
  • Differentiate the criterion for help from TAS
  • Evaluate reasons included for requesting a Collection Due Process Hearing

Level
Basic

Format
On-demand

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
IRS Practice Series: Overview of Collection Issues (or equivalent knowledge)

Advance Preparation
None

Registration Options
Quantity

Fees
Regular Fee$49
Value Pass Fee$0

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