Tweet IRS Tax Levy - Wage Garnishments and Bank Seizures

If you have IRS Problems consisting of owing back taxes, you may receive notice of a tax levy. This levy is a way for the IRS to collect the back taxes you owe. A tax levy is actually the seizure of your assets.

Before the IRS can actually seize your assets these three things need to happen: 1) You receive a Notice of Demand for payment; 2) You refuse to pay or pay the taxes in full; 3) You receive a Final Notice of Intent to Levy at least 30 days before the actual levy takes effect.

Assets that can be seized include:

• Bank accounts, both checking and savings
• Your house, your vehicle and/or your boat
• Your income which includes both salary and commissions if applicable
• Cash value of your life insurance
• Securities, contracts, accounts receivable, promissory notes
• Inheritances
• State income tax refunds
• Social Security benefits
• Veterans retirement pensions
• Interest in partnerships
• And the list goes on...

Obviously, seizure of any or all of these would be financially and emotionally stressful for you and your family. If the stress involved with IRS Problems is already burdening your family, a tax levy will just add to this stress.

With the assistance of a qualified IRS Problem Resolution professional, you can start to solve your IRS Problems today. When you receive a tax levy notice, it will be necessary for you to respond. There are many options available to help release a tax levy and, in turn, to help resolve your IRS Problems. These options include:

• Payment of your taxes including the interest accrued and any penalties
• The levy is issued after the statute of limitation has expired
• The IRS is convinced that the taxes can be collected if the levy is released
• An installment agreement is agreed upon
• It is determined that the levy will cause extreme financial hardship
• The property levied is worth more than what you owe so part of the seized property will be released
• Filing bankruptcy
• An Offer in Compromise is submitted