While a federal tax lien is a legal claim agaisnt your property, a levy is a legal seizure that actually takes your property (such as your house or car) or your rights to property (such as your income, bank account, or Social Security payments) to satisfy your tax debt. Levies can really do a lot of damage and even ruin your life. A levy is the IRS's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. There are certain exempt property tant can't be seized.
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.
If your receive from the IRS a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before seizure (However, there are exceptions for when they don't have to provide a 30 day notice before seizing your property), your have to take immediate action and get help from a professional representative.
We are often able to get those levies released and help you get out of this terrible situation.
Call us at 407-922-8899 with any questions or to schedule an appointment.
RR Accounting & Tax Services
2824 Michigan Ave., Suite A
Kissimmee, FL 34744
Or you may use our contact form.
You can reach us during the following business hours:
Monday to Friday 9 am to 6 pm Saturday by appointment only