A tax levy is a legal procedure in which money in your bank account or other asset is seized in order to pay a tax debt. A tax levy is not the same as a tax lien.
The IRS will generally place a levy on a taxpayer’s assets after they take the following three steps:
- A notice and demand for payment have been sent to the taxpayer.
- The taxpayer neglected to respond to the IRS or pay the tax.
- A final notice of Intent to Levy and Notice of Your Rights and been sent.
The IRS has the ability to levy, among other things, your wages, bank account, 401K, social security and federal payments. Also, a tax levy can be listed on your credit report.
Remember, the IRS doesn’t have to go to court to seize your property. They have statutory authority to issue a tax levy on your property.
These levies are a crimpling blow to your financial situation.
I can help you get your tax levy released. Don’t sit back and be passive when your financial future is in jeopardy.
Call me at 972-800-1099 or email rogercsims@aol.com