Now you're in big financial trouble. No matter how hard you plead with your employer they can not give you your money. Because once a wage garnishment is filed with your employer, your employer is required by law to collect a large percentage of each of your paychecks.
We are regularly retained to negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fears of future wage garnishments.
Get the Wage Garnishment Help You Need
Don’t let the IRS take your hard-earned money
You have received notice that the IRS is going to apply a wage garnishment to your paycheck. What exactly does that mean? Well, it means that the IRS can notify your employer that you have a back tax debt. And your employer is then required by law to send a significant portion of each of your paychecks directly to the IRS to offset the debt.
The dollar amount sent to the IRS for your wage garnishment depends on your filing status, the number of exemptions you claim and how often you get paid. For instance, in 2008, if you are single, claim one exemption and get paid biweekly, the IRS can take all but $344.23 out of each paycheck. If you are married and filing a joint return, claim three exemptions and get paid weekly, the IRS can leave you with just $411.54 from each paycheck. This can and usually will lead to a financial nightmare.
At One Plus Tax, we never advise any taxpayer to take on the IRS on your own. If you do nothing, the IRS will continue to garnish your paycheck until your debt is paid in full.
What One Plus Tax will do for you is work with the IRS to negotiate the full or partial release of the wage garnishment if you qualify for relief. Depending upon your individual circumstances, we may be able to arrange in Installment Agreement to pay the IRS a specified dollar amount every month until the debt is paid. Once the Installment Agreement is in place, we may be able to negotiate an Offer in Compromise and settle your debt for less than the actual liability, depending on your individual financial circumstances. Another option is to be placed in a Currently Not Collectible status, in which you may not have to make payments to the IRS at all, again depending on your individual financial circumstances.
In fiscal year 2007 (Oct. 1, 2006 through Sept. 20, 2007), the IRS issued nearly 3.8 million wage garnishments and levies combined against taxpayers. That number increased 17 times since fiscal year 2000 when just over 200,000 were issued, according to the Fiscal Year 2007 IRS Enforcement and Service Statistics.
If you receive notice of a wage garnishment, contact us immediately. When you hire One Plus Tax, you can be comforted in knowing that our Tax Team has years of experience in dealing with the IRS. With our Tax Team on your side, you can face the IRS with confidence. Don’t become another IRS statistic.
IRS Wage Garnishment