Levies can really do a lot of damage to your financial situation. A levy is the IRS or state's way of getting your immediate attention. The IRS and state taxing authorities can issue levies when they feel like attempted communications with you have failed. Levies are used to seize your wages and other property you may have. With few exceptions, if you own it, they may try to take it. That includes checking accounts, automobiles, stocks, bonds, boats, paychecks, and even portions of your Social Security checks!
Imagine waking up one morning and finding all your accounts have been cleaned out by a bank levy. If the amount taken doesn't satisfy what is owed, the IRS or state taxing authorities could keep levying your accounts and taking your money until your tax liability is paid in full. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems, but they don't consider that! Their sole objective is to collect the taxes owed. Period.
Another method of collection used by IRS and states is a wage levy (or garnishment). That's when the taxing authorities demand that all or a portion of your paycheck is withheld by your employer and remitted to them instead of you. Sometimes the taxing authorities won't initially even leave you enough of your paycheck to pay your bills.
If that doesn't accomplish what they want, the IRS or state taxing authorities could try to seize your assets and sell them at auction. That may include your home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds or practically anything else of value.
We are often able to get levies released and help you get out of this terrible situation. Our immediate goal is to protect you from IRS or state tax enforcement and then find a way to bring resolution to your tax problems for an amount you can afford so you can start life anew.
If the IRS or state has already placed a bank account levy or income source levy/garnishment (such as against your paychecks or your receivables from business customers) against you, then immediate representation is needed in order to achieve a release of the levy. Sometimes this can be done within a day or two. In order to secure a release, full tax filing compliance must generally be achieved and then either payment arrangements must be negotiated with whe IRS or evidence must be provided to demonstrate that payment arrangements are not affordable at this time.
Contact our office to discuss how we may be able to assist you.