Tax Levies: Learn More About the Three Major Federal Tax Levies


Tax Levies: Three Kinds of Common IRS Tax Levies

Get Tax Levies Released TodayWhen the IRS issues IRS tax levies, it sends a Notice of Intent to Levy to the taxpayer's last known residence. However, if you decide not to pay attention to this notification, be prepared to suffer from the numerous tax levies the IRS may place on you.

The U.S. government can utilize different federal tax levies to collect on what you owe in back taxes. Tax Levies can be placed on practically any properties or assets to collect back taxes. There are actions that can be taken to get federal tax levies released, but you must act quickly.

The three major kinds of tax levies the U.S. government might use to recoup your outstanding tax debt are detailed on this page.

Common IRS Tax Levies - Bank Levy

The IRS can seize the funds you currently have. By sending a notice to the bank of their plans to enforce tax levies on all of your known accounts. Your bank is legally bound to adhere to the IRS' alert. All money the tax levies collect is placed in a collateral account for approximately three weeks, during which time you can consult with a Tax Debt analyst. The funds captured by the federal tax levies could be released within 21 days if you make a strong enough argument to the IRS that you are unable to pay for basic necessities without that money.

In this case a tax attorney may file for hardship, insisting the IRS release a portion or all of the money for a serious reason. The IRS only recognizes a few situations for hardship; medical bills, mortgage or rent, and final notices on utility bills (cable, internet and cell phone are considered luxuries). Other instances may apply, but the IRS can deny them if it disagrees with the severity.

Common IRS Tax Levies - Wage Levy

Tax Levies can affect your income and federal refunds. It doesn't matter if you have multiple jobs, all employers will first get a letter from the government advising them of the tax levies on your salary. Similar to IRS tax levies on your banking institution accounts, all employers legally have to withhold a portion of your pay and mail it to the government as payment on the Tax Debt you owe. The IRS can roughly garnish 50 percent to 75 percent of your income, only leaving you with enough to take care of basic needs (food, mortgage, etc.).

Common IRS Tax Levies - Property & Assets Levy

The most unknown levy of all the IRS tax levies is the property levy. Tax Levies affecting your property can be the most detrimental. The IRS can take your assets and auction them to pay off your IRS tax debt. Federal tax levies can strike your home, your vehicles, boats, antiques, essentially, anything valuable that can be sold to cover what your back taxes.

There Is Relief from IRS Tax Levies

Only when you've completely paid off what you owe or have come to a repayment agreement will the tax levies against you be discharged. Hiring trusted tax debt professionals who are experienced with releasing IRS tax levies is the best way to tackle these unexpected situations. Contact us today or fill out the form below to discuss your tax levies and what options you have.


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