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Video instructions and help with filling out and completing Can Form 843 Wage

Instructions and Help about Can Form 843 Wage

Hello everyone today I'd like to discuss the matters of a levy and a federal tax 20 I may refer to my notes from time to time during this discussion so let's first determine what the difference is between a levy and a tax lien and yes there is a difference a levy is when the IRS actually ceases in your property takes your property to pay a tax debt and a lien is when the IRS places claim against your property to pay a tax debt so let me say that again a levy is when the IRS actually takes your property to pay the tax debt and a lien is a claim against your property to pay the tax step so let's discuss a levy first now in regards to the levy a bank account levy can be issued and a wage levy can be issued also an accounts receivables levy can be issued if you're self-employed now in regards to the bank account levy the bank has to hold the funds 21 days before they submit the funds to the IRS again the big has to hold the funds 21 days after receiving the levy before they submit the funds to the IRS and there are several reasons for this one they want to verify the validity of the bank account they don't want to Lebanese someone's account there should it be levy and shoe during that 21-day period that gives the taxpayer time to make arrangements to pay their tax debt or to make other arrangements to prevent the levy from being from going for it so again when the bank received the levy request they put a hold on the funds for 21 days and in regards to a bank account levy note that it...

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