IRS Levy
An IRS tax levy is legal seizure of a taxpayer’s property to satisfy a tax debt. If tax debts are not paid, the IRS may seize and/or sell any type of real or personal property to satisfy the outstanding tax debt.
The Internal Revenue Service can levy bank accounts, retirement accounts, social security benefits, wages, other income/commissions, federal payments, state tax refunds and accounts receivable. Further, the Internal Revenue Service can seize and sell your property such a home, car, boat or other personal property to satisfy your tax debt.
To prevent such levy, seizure and enforcement action the tax debt must be resolved through a formal resolution (or a formal resolution is in place) such as an Offer in Compromise, Installment Agreement (payment plan), Partial Payment Plan, or having the liabilities placed into a currently non-collectible status.
The levy or seizure action can be released, but the request for such release must be formal and within a specific time period of the levy or seizure.
We can help you work to release any current levy, wage garnishment or enforcement action, as well as prevent future levies and enforcement.
Once the tax liability is satisfied in whole or for a specific tax period, the Internal Revenue Service will release the tax lien.
If you are encountering any issues due to a tax lien, there are certain circumstances where the Internal Revenue Service will subordinate their lien position, or release the tax lien without satisfaction of the debt.
To discuss any current issues you are having with a tax levy or tax lien, and to have your tax debt handled by competent tax professionals please email or call us at 303-542-1983 to schedule your free no obligation consultation. such tax debt and tax issues in the future.
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