Tax Levy

A tax levy differentiates from a tax lien because, in the event of a tax lien, the IRS does not seize any assets or property; but rather, the IRS makes a claim against your property and assets to further protect its interest against you. The two most common tax levies are wage garnishments and bank levies. A wage levy will typically be issued to an employer and the employer will be required to withhold and distribute a percentage of your earnings to the IRS or state taxing agency. A bank levy is issued to a banking institution that the taxpayer has previously reported on their tax return. The IRS will issue a notice to the bank requiring them to place a 21-day hold on your account. If you are unable to make arrangements to resolve your back taxes during the 21-day period, then the bank may send all or some of the money owed to the taxing agency. We can assist you in the release of a wage or bank levy and make an arrangement with the IRS to prevent future levies.  

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