Levies can really do a lot of damage and even ruin your life. A levy is the IRS' way of getting your immediate attention. What they are saying with a levy 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, income tax refunds and Social Security checks.
Imagine waking up one morning and finding all your bank accounts have been cleaned out. The IRS will take every dime. If this amount did not cover what is owed, IRS representatives will keep taking your money until your tax liability is covered. They know 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. The next step may be a lien on your real estate or business assets.
What Other Actions Might The IRS Take?
As bad as a tax levy through your bank account is, a worse method is a wage levy (or garnishment). That's when most or all of your paycheck goes to the IRS. They won't leave you enough to pay the bills, and most of your check will go to the IRS every week until the debt is paid.
If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets and sell them at auction. That includes everything you own; your home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds and anything of value.
At Allen Schuldenfrei, Attorney at Law, we are often able to get levies released for our clients. We are confident we can help you get out of this terrible situation. Our goal is to get you straight with the IRS, with what you can afford, and let you start life anew.
Get The Legal Help You Need To Avoid Or Confront An IRS Levy
Please contact attorney Allen Schuldenfrei at
Call 410-358-7435 or through the online form for information about IRS levies and avenues of relief in your unique situation. I serve clients in the Baltimore area and throughout Harford, Howard and Anne Arundel counties.