Learn About Common IRS Levies the IRS Takes Against Taxpayers


IRS Levies: What You May Not Know

IRS LeviesThe IRS has a slew of IRS Levies to collect the back taxes you owe. The IRS will give you a notice before the IRS Levies are implemented. These notices should not go ignored because once IRS Levies are in place, the harder it is to release the IRS levies and negotiate an IRS settlement. This article outlines the different IRS levies that can be placed against you.


Notice of IRS Levies

Once you are assessed a tax debt by the IRS, you will receive a Notice and Demand for Payment regarding the amount you owe. The notification will be delivered to you at least 30 days before IRS Levies are enforced. During that time taxpayers should contact the IRS to arrange a payment plan. Even if a payment arrangement isn't reached within that time, if taxpayers are attempting in "good faith" to settle their tax debt, it is unlikely the IRS will enforce any IRS levies.

IRS Levies: Bank Accounts

The IRS can seize the available monetary funds currently in your checking and/or savings accounts to satisfy the taxes due. This is one the most common IRS levies commonly known as a Bank Levy, and it is within the IRS' power to do this. The IRS will send a notice to your bank of their intent to enforce IRS levies on your account(s). The bank will comply with the IRS. Your money is then frozen for approximately 21 days, during which you should consult with a tax debt analyst to get the IRS levies removed and pay off the IRS Debt. In order to release the money seized, you will need to prove to the IRS the funds are for basic living necessities, and without it you will be put in financial hardship. Failing to prove your case will result in the IRS keeping what was taken.



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IRS Levies: Income

IRS levies against your income are often called a wage garnishment or wage levy. Your employer(s) will receive a letter from the IRS notifying them of the IRS levies they plan to put against your salary to pay off what you owe the IRS. Your employer is obligated to withhold between 50 and 75 percent of your income each pay period, leaving you with enough to take care of your basic needs. It is also important to note that the IRS considers cable, internet, cell phone, multiple cars, boats, subscriptions, and memberships luxuries, and does not factor in these expenses when calculating what percentage to take out through IRS levies.

Removing IRS Levies

Once you have completely satisfied your Tax Debt, or negotiated a repayment agreement with the IRS, or the 10-year Statute of Limitations on your IRS Tax Debt has expired, will the IRS levies against you be released. This is why it is critical you locate a tax debt professional to find a reasonable IRS resolution that will work for you in order to resolve your tax debt quickly, and release the IRS levies the IRS has implemented.

Call now or fill out the form below for a free consultation about your IRS levies. We'll only connect you with a tax debt relief company holding a B rating with the Better Business Bureau.


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