IRS Levy
Overview
A Levy is a legal seizure of your property to satisfy a debt. A tax levy is different from a tax lien in that a lien is a security in support of a tax debt, whereas a levy is the actually taking of property used to satisfy a tax debt. If you have a tax debt that is unpaid, and you have not made arrangements to pay that debt, the IRS may seize any of the following;
- bank accounts
- your wages
- your investment accounts
- life insurance
- rental income
- accounts receivable
- commissions
- a car
- a boat
- your home
If the IRS determines that you are available to be levied, a Levy is usually only issued after certain requirements are met by the IRS.
- You received a Notice and Demand for Payment
- You refused or neglected to pay your tax bill
- You received an Intent to Levy and failed to respond within 30 days
Wage Levy
If the IRS decides to levy your wages, your employer will be required to confiscate up to 70% of your wages in order to satisfy your tax debt. The Levy will NOT stop until the tax debt is paid in full.
Challenging Your Levy
Challenging your levy may be an option in certain instances. If you can prove to the IRS that your levy is creating an extreme economic hardship, they may reduce or cancel the levy all together.
Knowing the right things to say in order to get your levy lifted is imperative. If you say the wrong thing or present the wrong evidence in your appeals case, you are done! Legal representation is the best way to go in these types of cases. Let our experienced mediators work with the IRS on your behalf in order to get your levy removed and restore your order to your life.