What is an IRS Tax Levy?
DON'T ignore the IRS levies! They can certainly do a lot of damage even ruining your life. As a matter of fact, a levy is the IRS's attempt to get your immediate attention. What they are saying is, we have tried to contact and communicate with you, but you ignored us.
Not only are IRS levies powerful but they can be used to seize your wages and whatever other assets you may have. If you own it, the IRS can take it just like THAT! Your checking accounts, autos, stocks, bonds, boats, paychecks, and even Social Security checks can all be taken away!
Imagine waking up one morning and finding all your bank accounts have been wiped out clean with no money left. If this amount did not cover your balance owed, the IRS will not stop the collection process until all your tax liability is paid. Unfortunately, they know that levying your bank account will cause your checks to bounce, alerting many people that you have tax problems.
The IRS is not your friend, and they don't care what happens to your family and life.
To top it off, the IRS can garnish your wages (wage levy). The IRS will take most of your pay check not leaving you enough to pay the bills. Until the debt is paid off in full, this will continue every week.
If that doesn't pay for all your tax debt, they'll seize all your assets, and sell them at the auction. That means everything you own will be taken and sold: home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
However, we are often able to get those levies released and help you get out of this terrible, stressful situation. Our goal is to get you in compliance with the IRS, with what you can afford, and help you start life anew.