Will a tax levy affect my FICO score?
Question by t456: Will a tax levy impact my FICO score?
A tax levy has been placed on my bank account for unpaid payroll taxes by an LLC of which I am a partner. (Back story: the payroll firm took cash out of our account and failed to remit to the IRS and has since gone out of enterprise.) I am in the method of acquiring these paid. Will the levy negatively affect my FICO score or credit report? Thanks.
Very best answer:
Answer by Sgt Huge Red
It will surely affect your score. Nevertheless, I would recommend you send any supporting documentation concerning the issue and where it stands at present to the credit reporting agency(s) informing them why you have a tax levy.
If you have hired an attorney (which I am sure you have), ask them to make the request to the credit reporting agencies.
Regrettably the IRS does not care exactly where the income comes from, they basically want it now. I hope your case can be expedited in a timely manner and your attorneys are on the ball.
I myself went by means of this back in 1984 with corporate taxes only since my partner and the corporation (not an LLC) treasurer failed to pay them. Since I was the President of the corp, the state came following me. It took years to clear it up.
Very good luck to you.
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About Henry Byers
Henry Byers, ex-IRS Manager and CPA with a primary focus on the areas of IRS Tax Debt, IRS Levy & Wage Garnishment Release.
Specializing in resolving your IRS tax debt problems for individuals and small to medium sized businesses.
Whether its an IRS garnishment, Wage garnishment, IRS Lien, IRS Levy, IRS audit, IRS penalties or unfiled or delinquent tax returns that have you worried, we can help!
