IRS Levies

If the tax leins didn't get your attention a tax levy usually does. A levy is a legal right to sieze financial assets for the purpose of paying the delinquint tax due.  It's the IRS's way of saying, "we have tried to communicate with you but you have ignored us". Tax Levies are used to seize your wages and whatever other financial assets you have. That includes checking accounts, stocks, bonds, pensions, insurance policies...even some of your Social Security. 

If you have unpaid back taxes and have not cooperated (read: ignored the prior mail) with the IRS you can expect a "notice of intent to levey" not long after the Federal Tax Lien has been filed with your respective county.  The most common type of levy is wage garnishment.  Notices will be sent to any third parties the IRS believes may be paying you including banks and employers.  In almost all cases the third parties will simply comply with the request to avoid any additional exposure. 

If you have recieved an "intent to levy" it is imperitive to be proactive and take the right actions if you wish to avoid having your wages garnished.  If you do nothing, the IRS will continue to levy your financial assets until the tax bill is paid in full.  They (the IRS) would rather work with a taxpayer than use any other legal tools they have at their disposal.  Everyone's situation is different when it comes to tax issues.  Experts, like Cary Grove Tax & Accounting are your best ally when it comes to tax issues that will impact your standard of living. 

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