Stop a Tax Levy and Wage Garnishment
A tax levy is a collection action that allows the legal seizure or taking of your property to collect your tax debt. Levies are usually the result of poor or no communication with the IRS. They should be avoided at all costs.
The most commonly seized or garnished financial assets are bank accounts, wages, retirement accounts, social security payments, dividends, commissions, rental income, accounts receivables and the cash value of life insurance policies. The IRS can seize or sell personal assets, such as homes, automobiles, boats, motorcycles and business assets.
If you do not resolve your tax issue with the IRS within 21 days of notice, then a bank levy may be imposed that will direct your financial institution to remit your funds to the IRS up to the amount of the levy. This could deplete your entire life savings.
A wage levy, also known as a wage garnishment, is quite different from a bank levy. It becomes effective once your employer receives notice. The employer is then required to send up to 70% of your weekly wages to the IRS. This will remain in effect until the IRS notifies your employer that the wage levy has been released.
Kresch Tax Resolution Services can help you quickly remove a tax levy or wage garnishment.