If you have a tax debt, the IRS or state can issue a tax levy, which is a legal seizure of your property or assets. A tax levy is one of the most horrendous collection tools utilized by the IRS and state tax authorities. But, it is typically issued when all else fails.
It is different from a lien. A lien makes a claim to your assets as security for a tax debt, the tax levy actually takes your property (such as funds from a bank account, Social Security benefits, wages, etc.).
The IRS and states can use a levy to satisfy a tax debt when you do not respond to notices informing you of the debt and asking for payment.
Some levies have a “one-time” effect, where the tax authority takes a particular asset all at once.
A tax levy on your bank account takes only what is in the account at the time your bank receives the levy. The IRS or state must issue another tax levy if there are more funds in your account later on.
Other tax levies have a continuous effect. They remain in place until the levy is released or your tax debt is paid in full.
A tax levy on your salary, known as a wage garnishment, might take a portion of each paycheck until the levy is released.
What Should I Do If I Have A Tax Levy?
First of all, to avoid levies: do not ignore notices from the IRS or state. They contain important information on how to prevent levy actions. Take action on the notice as soon as possible to avoid enforced collection whether independently or representation from a qualified Enrolled Agent (EA).
If you receive an IRS or state notice along the lines of Final Notice of Intent to Levy and Notice of Your Right to A Hearing, contact us right away.
Samaritan Tax Relief Tax Levy Representation
One of your most important rights as a taxpayer is your right to have a qualified tax resolution professional, such as an Enrolled Agent (EA), represent you in front of the IRS and/or States and provide tax resolution for your tax levy.
When you hire Samaritan Tax Relief to assist you with your tax levy, we will guide you through the preparation process while advocating on your behalf and protecting your interests.
Samaritan Tax Relief is here to help you because when you’re dealing with tax levies, the worst thing you can do is to do nothing at all? The best decision is to take the necessary first step and to address the levy actions now!
Click on the “Get Help” button at the top of the page to take that first step.