Herrin Law | irs
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irs

What is an IRS Levy? An IRS Levy is a tool used by the IRS to reclaim back taxes.  It allows the IRS to freeze your wages, retirement funds or bank accounts and withdraw any available funds to pay off your debt.  The IRS does not care about the bills you have to pay or the fact that you may need to put food on the table.  Once they have their levy, they will use it...

My Debt Was Forgiven, Now What? When a mortgage company or even credit card company cancels or forgives your debt, there could be serious IRS implications. In other words, you are not out of it. Typically, when a company forgives or cancels a debt, they will mail out a form 1099-C to the individual debtor. If you do nothing at this point, that debt will become part of your gross income and you will be required to...