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, autos, stocks, bonds, boats, paychecks, and even Social Security checks.
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If these amounts do not cover what is owed, the IRS will keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, which will alert others that you have tax problems. This will not matter to the IRS, however. Their sole objective is to collect the taxes owed. Period.
A wage levy (or garnishment) is a more serious levy. That’s when most of your paycheck goes to the IRS. They don’t leave you enough to pay bills, and most of your check goes to the IRS each and every week until the debt is paid.
If that doesn’t accomplish what they want, the IRS can seize your assets and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, or anything of value.
We are often able to get those levies released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew.