The IRS tax levy is the tool that the IRS uses to take or seize the taxpayer’s property.
The IRS generally levies on property when (1) the IRS has not been successful in collecting taxes via other avenues and (2) the IRS becomes aware of assets that (a) are easy for the IRS to take, (b) the IRS believes that the taxpayer may attempt to hide or otherwise dispose of property, or (c) just before the IRS time to collect the underlying tax expires.
IRS tax levies can produce great hardships for taxpayers. This can often put taxpayers in the position of not being able to operate their businesses or even to pay their monthly bills. In addition, IRS wage levies can often destroy employer-employee relationships and IRS bank levies can destroy taxpayer access to future bank credit.
The following slides describe the IRS’s power to levy on property, including bank account levies, wage garnishments, and seizures of business and real estate:
If the IRS issues an IRS tax levy, it is imperative that the taxpayer immediately contact an experienced tax attorney. If you find yourself in this situation, we would like to hear from you.
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