IRS Levy

An IRS Levy can take effect when you have a tax debt that you’ve made little or no effort to enter into a payment arrangement or if you’ve delayed contacting the IRS to work through ways to repay your tax debt.

The IRS Levy is not the same thing as a federal tax lien, which is the IRS’s authorization to seize property. Authorization doesn’t mean it’s happened yet. The IRS Levy is the act of the seizure or property, assets or income.

The federal government are empowered to enforce the IRS Levy if you’ve been too slow in trying to work with the IRS to reach an agreement. This means they can begin to garnish your wages without your consent in an attempt to recoup the money you owe them.

The IRS Levy usually comes into effect when a person ignores the tax office’s requests for payment of taxes you owe. It can also be enforced if you call the IRS and try to make payment arrangements on a large tax debt that are just too small to pay off the amount you owe.

If this happens and they begin to garnish more money out of your income than you expect, this could seriously leave you with insufficient funds to support yourself or your family. You could lose all control of your own income, your property or your assets.

The IRS Levy could also mean garnishing the income you receive from social security or disability payments or even refunded taxes.

Another reason the IRS Levy can come into effect is if you’ve already made a payment arrangement to try and repay your tax debt and then you miss those payments or don’t stick to the payment plan you agreed to.

Aside from garnishing wages and other income, the IRS Levy can also seize bank accounts or even sell off your assets.

Perhaps the easiest way to avoid an IRS Levy is to contact the government department to which you owe money and work through a reasonable payment plan that you can stick to comfortably while still paying off the debt. Once you’ve entered into this arrangement, be sure you keep up with your payments on time, every time.

If you’re not confident to deal with the prospect of an IRS Levy on your own, then consider hiring a tax lawyer to act as an intermediary. You might find that a professional who has a deeper understanding of some of the more complicated tax issues might be able to direct you to things you might not have considered.

These issues could include forms of tax relief you could be entitled to or even legal help to negotiate for an offer of compromise with the IRS.

Please also check out my other guide on irs phone number

Irs Levy

irs bank levy

IRS Levy

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