Most IRS Levies are issued to your bank institutions and Employers. For a business, IRS can levy your Accounts Receivables by contacting your customers! Levies are used to seize your financial assets including Bank accounts, autos, stocks, bonds, boats, paychecks, and even Social Security checks!
A bank levy freezes your bank accounts. Any checks you have written will bounce. You will not be able to withdraw any funds or pay any bills.
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.
Imagine waking up one morning and finding that all your bank accounts have been cleaned out. They 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. They know that levying your bank account will cause checks to bounce, alerting many people that you have IRS tax problems. But they don’t care! Their sole objective is to collect the taxes owed. Period.
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; home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds, and 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.
If the IRS has already taken your property, we can request an Asset Levy Release–it may be possible to get your possessions back.
Generally, you have 21 days to respond to the IRS after your financial institution receives a Notice of Levy for your accounts. After that, your accounts are drained, and the money is sent to the IRS.
If you act immediately, we may be able to get the levy revoked before the money is sent to the IRS. Together, we can compile and forward to the IRS, the information they require to release the levy. We will also negotiate the best possible IRS payment plan the law and your finances allow.
Please contact us today for more information.