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IRS wage garnishments are one of the means used by the state and the IRS to collect tax. The procedure also involves taxpayer's employer, requiring the employer to collect a percentage of each and every paycheck. This means that a percentage of taxpayer's wages be directed to the IRS or to the state, in addition to tax normally and regularly assessed each payroll period. The wage garnishment lasts until the tax is fully paid or until the garnishment is the released by IRS or the state.
The marital status and number of dependents of the taxpayer usually serve as a basis for calculating of the amount that the IRS can keep from any wage garnishment. As a rule, the IRS garnishes most of the money from the individual’s paycheck. The final amount of the income available for the exempt from an IRS wage garnishment is calculated by adding the standard deduction one can claim on his or her tax return and the amount available for exemptions, divided by 52.
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Our representatives have assisted many clients requiring help with a garnishment. We understand that a regular paycheck is vital to our clients and that a wage garnishment can be devastating, especially to those with families. Once called for help, our representatives immediately contact the IRS or the state to negotiate the release of wage garnishment. Keep in mind, releasing or lowering a garnishment is only a temporary solution. Our representatives proceed by developing a long-term strategy, addressing the tax liability and tax bills. When IRS wage garnishments are released, we suggest that our client either set up a payment plan or submit an offer in compromise.
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