An IRS Tax Levy is a legal seizure of your assets in order to satisfy a tax debt. A levy is different from an IRS lien. A lien is a claim used as security for the tax debt, while an IRS levy actually takes the property to satisfy the tax debt.
An IRS tax levy can be attached to any type of property, including real estate, boats and automobiles, but is most frequently applied to bank accounts, securities, wages and even a business’ accounts receivable. Before the IRS can take any of these actions, they must issue a Final Notice of Intent to Levy and Notice of Your Right to a Hearing to the taxpayer, giving the taxpayer up to 30 days from the date of the Final Notice to pay in full or find another solution. If you do not pay your taxes or make arrangements to settle your tax debt, the IRS wil issue the levy.
Our attorneys can prevent a tax levy by requesting a Collection Due Process Hearing and convincing the IRS that alternatives to the levy exist. If your bank account has already been levied, we will use our skill and experience to obtain a release of levy and prevent any future levies by negotiating a tax collection alternative. We will represent you through every step of the process, advising you on the best strategies and alternatives, and achieving the best possible result. We will deal with the IRS so you don’t have to.
For a prompt evaluation of your case, we encourage you to contact us using our toll-free number at (866) 437-3725.