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| IRS Levy While an IRS lien (a notification that the IRS has a claim against your property) is a powerful weapon in an effort to get you to pay your tax debt, it is trumped by an IRS levy, the seizure of your assets, which can be used to collect on your tax debt. An IRS levy can be issued on virtually any of your assets, including your money as well as any of your possessions that can be resold to pay your tax debt. There are three major types of levies that enable the IRS to seize money from your bank account, a portion of your wages and your property, including your home, car or any other valuable possession that can be resold and applied to your tax debt. Each IRS levy type has its own unique characteristics, and you can follow the above links to find detailed information on the different types of levies. However, one blanket statement can be said about all IRS levies, it is a certain indication that the IRS believes you owe them a substantial amount of money, and thinks it has little chance of collecting its tax debt through less aggressive means. If you have not yet consulted with a tax professional, you should consider making an appointment with one before an IRS levy goes into effect. Once the IRS removes funds from your bank account, garnishes your wages, or seizes your home, your car or any other valuable item, it may be extremely difficult to get those assets back. Qualified tax professionals should have several years of experience in dealing with levies, and may be able to present you with options to prevent or delay your IRS levy. Keep in mind that most IRS officials will not look down on you for hiring a tax pro. In fact, many IRS collectors will view it as a positive sign that you are serious about resolving your tax debt. |
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