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Form 668-W, Notice Of Levy On Wages, Salary, And Other: What You Should Know
When the IRS levies money on an individual: The amount can be a large one, especially if the delinquent tax is over the amount allowed by law to be withheld from an employee's paycheck, such as a 50,000 tax liability on 40,000 in wages. A small amount is sometimes used if the amount owed is not sufficient to pay the full bill on the delinquent tax, although most wage levies are large sums. Wage levies generally are a very expensive way to collect taxes — a good chunk of the tax base! The IRS can seize and sell the taxpayer's property to get a loan from the Treasury, including money, assets, and even a home. A wage levy is imposed on an individual's wages to give to the U.S. Treasury and to help pay government expenses. It is an individual's personal decision to either pay the tax or not. The federal government withholds from an individual's pay any amount it believes the individual is not entitled to collect through either wages (salary or commissions) or interest. This includes taxes that the individual has not paid. A wage levy is a court-ordered process, usually in a bankruptcy case. Most wage levies are imposed without notice, but when a wage levy is imposed, you will receive notice from the IRS through the IRS Form 668-W. Notice of the Wage Levy will: · notify you that you have filed an appeal or petition with the IRS to recover wages you, your employees, and vendors pay; and · notify you that a written claim for repayment must be filed by the due date and that it is within your rights to request additional time. In most cases, your request for additional time will be granted, but if the court finds that you are responsible for the wages, and you do not provide any more information by the due date, the wage levy will go through. In some instances, the IRS will impose a levy on an individual's property (such as your home or vehicle), or on the employer's property (such as bank accounts) to pay a tax debt.
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