Notice of Levy or Garnishment
So you received the dreaded Notice of Garnishment. What do you do now? The first thing you need to understand is that by the time you received the notice, the garnishment has been acted upon. It will quickly be followed by a notice from your payroll department confirming the garnishment, the amount taken by the IRS and the amount you are left with. The amount taken reflects a mathematical calculation, leaving you a very small amount to get by with through the new payroll period. Garnishment is the same as a slap in the face - designed to get your attention. It is the ultimate call to action. Candidly, by the time I get involved its usually too late to get the amount taken released by the IRS. The analogy I use is that the "toothpaste is out of the tube". At this point your goal is to establish a line of communication with the IRS. Then, you can work to stop the garnishment by setting up a payment agreement, providing financial agreement, or somet...