Laurie Demiel

Laurie Demiel

Infuriatingly humble beer lover. Friendly pizza scholar. Amateur coffee fanatic. Hardcore coffee guru. Amateur web fan. Passionate entrepreneur.

43 Articles Written
Can i file taxes and pay later?

Can i file taxes and pay later?

Installment agreements If you can't pay all or some of the taxes you owe, you can apply for a long-term payment plan...

Why is turbotax saying i owe an underpayment penalty?

Why is turbotax saying i owe an underpayment penalty?

The IRS imposes penalties for underpayment if you don't withhold or pay enough taxes on income received during each...

Do you have to pay immediately if you owe taxes?

Do you have to pay immediately if you owe taxes?

If you can't pay the full amount due at the time of filing, consider one of the payment agreements offered by the IRS. A...

Can you stop a irs garnishment once it starts?

Can you stop a irs garnishment once it starts?

You can appeal before or after the IRS imposes a tax on your salary, bank account, or other assets. Once the garnishment...

Will the irs allow monthly payments?

Will the irs allow monthly payments?

Your specific tax situation will determine what payment options are available to you. Payment options include a full...

Does irs debt go away after 10 years?

Does irs debt go away after 10 years?

Generally, under article 6502 of the IRC, the IRS will have 10 years to collect an obligation starting from the date of...

How do you get around a bank levy?

How do you get around a bank levy?

Creditors always make mistakes. Prove that you have been the victim of identity theft.

How long does it take for the irs to release a levy?

How long does it take for the irs to release a levy?

The IRS releases your right of withholding within 30 days after you have paid your tax debt. When conditions are in the...

How do i get rid of a bank levy?

How do i get rid of a bank levy?

Creditors always make mistakes. Prove that you have been the victim of identity theft.

What happens when the irs assigns your account to a private collection agency?

What happens when the irs assigns your account to a private collection agency?

The IRS will first send Notice CP40 and Publication 4518/PDF. They let you know that your back tax account was assigned...

How long does a levy stay on your bank account?

How long does a levy stay on your bank account?

Having a lien on your bank account means that it will be there until you can pay what you owe to the creditors who...

What accounts can the irs not seize?

What accounts can the irs not seize?

You can avoid a garnishment by filing returns on time and paying your taxes in due time. If you need more time to apply,...

What money can irs take from you?

What money can irs take from you?

The IRS can collect (garnish) assets such as salaries, bank accounts, Social Security benefits, and retirement income....

What happens when your bank account is levied?

What happens when your bank account is levied?

A bank lien is a legal action that allows creditors to withdraw funds from your bank account. Your bank freezes the funds ...

How long does it take to get an irs levy removed?

How long does it take to get an irs levy removed?

With simple payment agreements, the IRS will release the tax immediately. That's assuming you haven't received a payment...

How long does it take for a levy to be released?

How long does it take for a levy to be released?

If the IRS collects taxes from your bank, the funds in the account are withheld and, after 21 days, sent to the IRS....

How do i get in contact with the irs?

Contact an IRS customer service representative to correct any agency errors by calling 800-829-1040. Customer service...

How much are irs interest and penalties?

How much are irs interest and penalties?

The penalty for non-payment is half of one percent for each month, or part of a month, up to a maximum of 25%, of the...

How long does a levy last on your bank account?

How long does a levy last on your bank account?

Having a lien on your bank account means that it will be there until you can pay what you owe to the creditors who...

How much will irs accept for payment plans?

How much will irs accept for payment plans?

The IRS will analyze your full financial situation to determine your ability to pay. The IRS will calculate your monthly...

Can a bank levy be reversed?

Can a bank levy be reversed?

You can appeal before or after the IRS imposes a tax on your salary, bank account, or other assets. Once the garnishment...

How do i get an irs levy removed?

How do i get an irs levy removed?

Contact the IRS right away to resolve your tax liability and request a tax exemption. The IRS can also release a tax if...

Does a bank levy affect your credit?

Does a bank levy affect your credit?

However, a lien cannot directly affect your credit score, but it can have an effect on your long-term credit if you can't ...

What do irs audits look for?

What do irs audits look for?

During each fiscal year, audits are conducted by correspondence, telephone, or through field interviews. Business...

Can i open a new bank account if i have a levy?

Can i open a new bank account if i have a levy?

Opening a new account must be done carefully Opening an account with the same bank, right after an embargo, is very...

What happens when you amend your taxes?

What happens when you amend your taxes?

When you modify a tax return, it can take up to 16 weeks to process, even if you file it electronically. If you file an...

Can a bank reverse a levy?

Can a bank reverse a levy?

A bank lien is usually the result of a process that takes months, so understanding the deadline can help you avoid the...

What does it mean when a levy is released?

What does it mean when a levy is released?

Releasing the tax will help you pay your taxes. You enter into an installment agreement and the terms of the agreement do ...

How long can a bank hold a levy?

How long can a bank hold a levy?

Bank levies can continue until your debt is fully satisfied and can be used repeatedly. When the rate is in a bank...

Will i get audited if i make less than 50k?

Will i get audited if i make less than 50k?

I won't keep you in suspense. The IRS audits less than 1% of all tax returns.

What is the maximum irs installment agreement?

What is the maximum irs installment agreement?

Submit your request online through the online payment agreement tool or by phone or by mail by submitting Form 9465,...

Does a bank levy freeze your account?

Does a bank levy freeze your account?

A bank lien is a legal action that allows creditors to withdraw funds from your bank account. Your bank freezes the funds ...

Will the irs take your taxes if you have a payment plan?

Will the irs take your taxes if you have a payment plan?

No, one of the terms of your installment agreement is that the IRS will automatically apply any refund (or overpayment)...

Will payment plan stop irs levy?

Will payment plan stop irs levy?

Interest on the installment agreement continues to accrue, but as long as you make payments on time, the IRS reduces the...

What personal information does the irs have access to?

What personal information does the irs have access to?

We may collect personal information about you (such as name, email address, Social Security number, or other unique...

Is a bank levy a one time thing?

Is a bank levy a one time thing?

A bank tax is not a single fact. A creditor can apply for a bank garnishment as many times as necessary until the debt is ...

Is irs debt forgiven after 10 years?

Is irs debt forgiven after 10 years?

Generally speaking, the Internal Revenue Service has a maximum of ten years to collect unpaid taxes. After that period...

What is an abatement refund?

What is an abatement refund?

This occurs when a taxpayer has miscalculated interest, penalties, or additions to taxes that are not due. On these...

How long does the bank hold your funds during a levy?

How long does the bank hold your funds during a levy?

Once the bank has received the garnishment, it must still hold your money for 21 days before handing it over to the IRS....

What does it mean when they put a levy on your bank account?

What does it mean when they put a levy on your bank account?

A bank lien is a legal action that allows creditors to withdraw funds from your bank account. Your bank freezes the funds ...