Form 668-B, also known as the Release of Levy/Release of Property from Levy, is an important document used by the Internal Revenue Service (IRS) in various taxation situations. Here is some relevant content explaining who should complete this form:
1. Taxpayers who have been subjected to a levy: Form 668-B is primarily completed by taxpayers who have been subjected to a levy by the IRS. A levy allows the IRS to legally seize an individual's property to satisfy tax debts. However, if certain conditions are met, the taxpayer may request the release of the levy using this form.
2. Taxpayers seeking to release their property from seizure: In cases where the IRS has already seized the taxpayer's property, the taxpayer can use Form 668-B to request the release of that property. This could include assets such as bank accounts, vehicles, or real estate.
3. Taxpayers with resolved or partially resolved tax issues: If a taxpayer has resolved their tax issues or made partial payments towards their outstanding tax debt, they may need to complete Form 668-B to request the release of the levy on their assets. This is often necessary to regain control over their property.
4. Taxpayers with an approved installment agreement: Taxpayers who have successfully negotiated an installment agreement with the IRS, allowing them to pay their tax debt in monthly installments, may need to complete Form 668-B to request the release of the levy. This would release the taxpayer's property from seizure and allow them to continue making payments under the agreed-upon installment plan.
5. Taxpayers with an Offer in Compromise (OIC) accepted by the IRS: In certain cases, the IRS may accept an Offer in Compromise, a settlement alternative that allows taxpayers to pay less than the total amount owed. If taxpayers have had their OIC accepted, they may need to complete Form 668-B to ensure the release of the levy on their property.
6. Taxpayers with a wrongful levy claim: If a taxpayer believes that the levy placed on their property was wrongful or that it should be released due to specific circumstances, they can file a wrongful levy claim. Completing Form 668-B is necessary to initiate this claim and request the release of the levy.
It's important for taxpayers facing levy-related issues to consult with a tax professional or seek guidance from the IRS to ensure proper completion of Form 668-B and a successful release of the levy or property from the levy.