A levy is the IRS's way of getting your immediate attention. A levy is the IRS saying: We tried to communicate with you, but you ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. This includes checking accounts, automobiles, stocks, bonds, boats, paychecks and even social security checks.
Imagine waking up one morning and discovering that all your bank accounts have been emptied. If this amount did not cover what is owed, the IRS will continue taking more until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. Their sole objective is to collect the taxes owed.
As bad as that is, a worse method is a wage levy, also known as a wage garnishment. This is when most of your paycheck goes to the IRS, leaving you without enough money to pay the bills, until you pay what is owed.
If this still does not pay what is owed, they will seize your assets and sell them at auction. This includes everything you own, such as your home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds - 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 afford, allowing you to start life anew.