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IRS LEVY - BACK TAXES
I used to be a very successful self employed business man. After my second divorce and raising 5 boys I find myself working part-time at Wal-Mart to survive. I was unable to pay a settlement of roughly 100k with the IRS and I simaltaneously lost my license to sell securities which was my livelyhood. I gave POA to a group down in FL who has stayed the IRS from me for years, but latley I could not afford to pay them and I have received a levy. I am concered that they will now garnish my food money. Does anyone know the limit at which they can garnish wages in Kansas.
NTROUBLE
NTROUBLE
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NTROUBLE wrote:I used to be a very successful self employed business man. After my second divorce and raising 5 boys I find myself working part-time at Wal-Mart to survive. I was unable to pay a settlement of roughly 100k with the IRS and I simaltaneously lost my license to sell securities which was my livelyhood. I gave POA to a group down in FL who has stayed the IRS from me for years, but latley I could not afford to pay them and I have received a levy. I am concered that they will now garnish my food money. Does anyone know the limit at which they can garnish wages in Kansas.NTROUBLE I had a similar situation, only in Washington state. I think things are pretty universal from state to state because their operating under Federal laws, not state laws. After three or four years, they backed off of me...at one point they visited my shop and confiscated two vehicles. Had the vehicles been inside the shop, they couldn't have taken them. I had to pay 'quick-sale' value to get them back. I was going through divorce at the time too, and basically told them I had nothing. They put me on the back burner and I've been there for about 4 years. No contact from them at all. I recently applied for a "Offer in Compromise" which basically is an offer you agree to pay them either in cash, or monthly installments of a predetermined amount based on a formula. To arrive at a offer amount, they have you fill out a worksheet. It has you list your assets and liabilities and your income and expenses. They look at what you have as a 'net worth' at 'quick-sale' value added to what you could earn 'extra' over living expenses in the next 5 years. That total is divided over a payment plan of usually 3 months, but they will go longer if they have to. Bob Bobbeo Top
NTROUBLE wrote:I used to be a very successful self employed business man. After my second divorce and raising 5 boys I find myself working part-time at Wal-Mart to survive. I was unable to pay a settlement of roughly 100k with the IRS and I simaltaneously lost my license to sell securities which was my livelyhood. I gave POA to a group down in FL who has stayed the IRS from me for years, but latley I could not afford to pay them and I have received a levy. I am concered that they will now garnish my food money. Does anyone know the limit at which they can garnish wages in Kansas.NTROUBLE I had a similar situation, only in Washington state. I think things are pretty universal from state to state because their operating under Federal laws, not state laws. After three or four years, they backed off of me...at one point they visited my shop and confiscated two vehicles. Had the vehicles been inside the shop, they couldn't have taken them. I had to pay 'quick-sale' value to get them back. I was going through divorce at the time too, and basically told them I had nothing. They put me on the back burner and I've been there for about 4 years. No contact from them at all. I recently applied for a "Offer in Compromise" which basically is an offer you agree to pay them either in cash, or monthly installments of a predetermined amount based on a formula. To arrive at a offer amount, they have you fill out a worksheet. It has you list your assets and liabilities and your income and expenses. They look at what you have as a 'net worth' at 'quick-sale' value added to what you could earn 'extra' over living expenses in the next 5 years. That total is divided over a payment plan of usually 3 months, but they will go longer if they have to. Bob Bobbeo Top