When you are facing an IRS tax levy, it’s a serious situation. The IRS has numerous ways of getting the money that you owe them in back taxes, and a levy on your property is one of the most severe. It’s not something to be taken lightly ‘“ the IRS only will levy your property after a series of notices, and after you fail to respond in a timely manner.
A tax levy is when the IRS seizes your property and uses it to apply toward your debt. The IRS will often levy a bank account, meaning they can freeze your accounts and take your money. This is a one-time event; however the levy only applies to the funds that are in your accounts when the levy is applied. Any money deposited after that time is not affected.
Your paycheck can also be levied, or garnished. When this happens, a portion of your paycheck will go to the IRS before you ever see it. This can continue until your tax debt is paid off. The IRS can also levy any federal or state payments to you. These can include Social Security and Medicare benefits, as well as your state income tax refund.
When you have an IRS tax levy, you have many options available. If this happens to you, contact Levy Tax immediately. We can help advise you of your options and negotiate them with the IRS for you. The sooner we can get started on your case, the better chance we have at resolving your issues with the IRS.