IRS Keeping Your Paycheck or Freezing Your Bank Account?
Levies can do serious damage to a taxpayer. The IRS files a levy against you as a way of getting your money and your immediate attention. They want to make their message loud and clear. That message says, “We tried to communicate with you, but you ignored us. If you own it, we can take it.” That includes bank accounts, autos, stocks, bonds, boats, pension checks, paychecks, and even Social Security checks!
Imagine waking up one morning and finding your bank accounts have been cleaned out. It would be life-shattering. And if the amount in your bank account did not cover what you owe, they would keep filing levies until they have collected every dollar. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. They do not care! Their sole objective is to collect the taxes owed. Period.
As bad as a bank levy is, a wage levy (or garnishment) is even worse. A wage levy directs most of your paycheck to the IRS or State to pay your debt. They do not leave you enough to pay the bills, and most of your check goes to the IRS each week until the debt is paid.
If that doesn’t accomplish what they want, they’ll pull out all the stops. They can seize and sell your assets. As a result, everything you own will belong to them. However, a professional tax resolution specialist can often get those levies released and help you get out of this terrible situation. We aim to get you even with the IRS, with what you can afford, and let you get a fresh start. Remember, the earlier we address the problem, the better our success rate. Ignoring a tax problem guarantees it becoming a bigger problem in time. Therefore, you should resolve it as soon as possible.