Levies can really do a lot of damage and even ruin your life. A levy
is the IRS's way of
getting your immediate attention. What they are saying 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, auto's, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. The government will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. The government understands that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.
As horrible as the IRS levy seems, a worse method is a wage levy (or garnishment). The usual result of a wage levy/garnishment is that the majority of your pay check goes to the IRS until your tax debt is paid. The IRS doesn't leave you enough funds to pay bills.
If the garnishment process fails to pay the tax debt, the government will proceed to seize your assets, and sell them at auction. This seizure includes everything you own: home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value. The process can be devastating. Let us help you.
We are often able to negotiate the release of these levies and develop a plan that will help you resolve this terrible situation with the IRS in a manner that is affordable and which allows you to move forward.