Levies can cause substantial financial damage. A levy is the IRS’s way of getting your immediate attention. What they are says is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, autos, stocks, bonds, boats, paychecks and even Social Security checks!
Imagine waking up one morning and finding all of your bank accounts have been cleaned out. They will take every dime in the account up to the balance they believe they are owed. If this amount did not cover what is owed, they’ll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that have tax problems, but they don’t care! Their sole objective is to collect the taxes owed. Period.
As bad as that is, a worse method is a wage levy (or garnishment). That is when most of your paycheck goes to the IRS. You often do not have enough to pay your bills. Most of your check goes to the IRS each and every week until the debit is paid.
If that doesn’t accomplish what they want, they can pull out all of the stops. They will seize you assets and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds and anything else of value.
We are often able to get those levies released and help you correct this terrible situation. Our goal is to resolve the situation with the IRS using the funds you can afford, so you can start your tax life anew.
