Understanding IRS Levies: Protecting Your Assets and Financial Well-Being
IRS levies are a formidable tool in their arsenal, capable of causing significant damage and upheaval in your life. A levy is the IRS’s way of forcefully getting your attention, signaling that previous attempts at communication have gone unanswered. It’s a mechanism they use to seize your wages and virtually any other assets you possess. If you own it, they can potentially take it—this includes checking accounts, vehicles, stocks, bonds, boats, paychecks, and even Social Security payments.
The Shocking Impact of a Bank Levy Imagine waking up one morning only to discover that all your bank accounts have been emptied. The IRS can, and will, seize every penny. If the amount seized doesn’t cover your tax liability, they’ll continue taking money until you’ve paid in full. They understand that levying your bank account can lead to bounced checks, exposing your tax problems to a wide audience. However, their primary goal is tax collection, and they won’t be deterred.
The Burden of a Wage Levy A wage levy (or garnishment) is an even more challenging scenario. It means most of your paycheck goes straight to the IRS, leaving you with barely enough to cover your bills. This continues weekly until your tax debt is satisfied.
Extreme Measures: Asset Seizures If levies fail to achieve their desired outcome, the IRS can escalate to seize and auction off your assets. This includes virtually everything you own: your home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds, and any valuable possessions.
Finding Relief with Professional Help The good news is that there are ways to release levies and navigate this challenging situation. Our goal is to work with you to reach an agreement with the IRS that aligns with what you can reasonably afford, allowing you to regain control of your life.
Taking the First Step Toward Relief If you’re facing IRS levies, it’s crucial to take action promptly to safeguard your assets and financial stability. Start by obtaining a free consultation with our tax specialist.
Empower Yourself to Resolve IRS Levies Learn how professional assistance and expert guidance can help you protect your assets and financial well-being in the face of IRS levies. Reach out to us today, and let’s work together to find a solution that allows you to start anew with peace of mind.
Contact us now for your free consultation.