Tax Levy Information
When it comes to tax levy information, you want to understand the severity of the situation. A tax levy stands out as the IRS's most deadly weapon and are generally the most economically debilitating. This means the IRS will in fact take your property based on your back tax responsibility. A tax levy can lead you to get rid of your checking and savings account, investments, IRAs, accounts receivables, inheritances due to be gotten, social security, pension, insurance plans, or anything else that you own that bears equity.
For those who have past due back taxes and haven't cooperated with the demands of the IRS to generate the payments of the tax amount owed, it is likely that eventually you'll be given a tax lien accompanied by a tax levy. The tax levy shouldn't come as a surprise because you probably were given many frightening IRS letters, phone calls, had a lien placed on your assets and ultimately you would have obtained a one month notice of plans to levy or seize your assets. If you have disregarded all prior notices, this is the one that you should not ignore because this is your last chance to take action and establish a repayment plan, offer an offer in compromise or pay your tax debt due to the IRS before you lose your assets.
Thirty days after you receive your final letter of the intent to levy, the operation will commence where the IRS will act on seizing possessions. To accomplish this, the IRS sends out notices to any third parties that they presume could be paying you such as your bank or your employer. These announcements say that they need to pay the IRS rather than you. Any time these third parties get these notices, they will just about 100% of the time respect them since if they don't, the IRS will hold them personally liable for the sum that they could have accumulated from you had they honored the notice.
Depending on your finance and tax conditions the IRS will make a determination of which kind of levy to implement. The most common form of levies are wage garnishment and bank account garnishment but the IRS is not going to rule out physical asset seizure if they don't feel they can recoup the unpaid taxes via wage or bank account garnishments.
Wage garnishment is the most common form of IRS levy. Under this form of levy, the IRS forces an individual's employer take out a specific amount of income from each payment to go toward unpaid taxes.
With a bank levy, the IRS can access your bank accounts to keep track of them and take money from them so as to satisfy tax debts due. The IRS will carry on and seize what money it can until they've collected enough money to cover the entire quantity of taxes owed.
This is the most uncommon levy approach made use of by the IRS. This is usually the last resort the IRS makes use of with an uncooperative individual. The IRS can take private assets such as a house, trailer home, boat, cars and just about anything else aside from a short list of items they can't legally take.
This is a less common tax levy or garnishment method practiced by the IRS in comparison with other levies. The IRS can garnish as much as 15% of Social Security through the Automated Federal Payment Levy Program (FPLP), and personally there is no limit on what they can garnish.
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