| It's important you do not to ignore IRS back taxes for | | | | seizes your account funds with the bank levy, you will |
| long. When IRS collection notices are ignored, the IRS | | | | not be able to get them back. |
| has to resort to collecting from taxpayers by force. | | | | IRS Wage Levy: |
| They do this with their dreaded IRS tax levy. By law, | | | | The IRS wage levy is another brutal method used to |
| the Internal Revenue Service has the right to issue an | | | | collect IRS back taxes. It's also known as wage |
| IRS tax levy on you. This means it's completely legal | | | | garnishment. Basically, the IRS can take a percentage |
| for the IRS to levy your bank accounts, issue wage | | | | of your paycheck until your tax debt is paid in full, or |
| garnishments, and even seize your assets in extreme | | | | until the statute of limitations on your tax debt expires. |
| cases. | | | | You do not want the IRS to seize money from your |
| The most common IRS tax levy collection tools are | | | | paycheck for years. Remember, they can seize up to |
| the IRS bank levy and the IRS wage levy. If you | | | | 70% of your paycheck. It's important to work fast to |
| receive notice from the IRS that either Tax Levy is | | | | find a better solution for paying off your IRS back |
| going to be issued on you, you need to act fast. Your | | | | taxes. |
| income and bank account funds are at stake and the | | | | Stop the Bleeding: |
| matter is now extremely urgent! | | | | Your bank account and paycheck are being |
| IRS Bank Levy: | | | | threatened. How do you stop the tax levies, and fast? |
| The IRS bank levy is an extremely harmful way to | | | | You have to start by giving the IRS what they want. |
| collect IRS back taxes. All of the money you scrimped | | | | You have to make an arrangement to pay on your |
| and saved can be gone in and instant. Here's what | | | | IRS back taxes. You can pay by settling your tax debt |
| happens when the IRS Issues a bank levy: | | | | (for less than the full amount due) with an Offer in |
| 1. First, the IRS freezes your bank account. | | | | Compromise, or your can pay them monthly through |
| 2. They give you 21 days to contact them and explain | | | | what is called an Installment Agreement. |
| why you should receive the money. If you do not | | | | Hiring Professional Help: |
| comply, the IRS will keep all of the money in your | | | | Once an IRS tax levy or federal tax lien has been |
| account for good. | | | | issued against you, things get tricky. Negotiating with |
| If you received a Notice of Intent to Levy from the | | | | the IRS is tough once they've opened a direct route to |
| IRS, it's imperative to act fast and get your tax debt | | | | your money. If you've already received an official IRS |
| taken care of. It's a smart idea to consider professional | | | | Notice you might need professional assistance with |
| help at this point. Timing is crucial and a tax | | | | your tax debt. With a tax professional working on your |
| professional has a better chance of negotiating with | | | | side you have a better chance of being successful |
| the IRS and getting the bank levy removed in the short | | | | and getting your tax debt issues resolved once and |
| 21 day time frame. Remember that once the IRS | | | | for all. |