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When to Worry About a Tax Levy

Unpaid Taxes and IRS Levies

If you have a problem with your taxes, there are plenty of things to worry about. One of your biggest concerns, though, should be an IRS levy. Should you face a levy, taxes of the unpaid variety are usually the culprit. While a levy may be defined as a seizure of money following failure to pay taxes, there are two different types to be on the lookout for.

IRS Wage Levy

Your employer will receive a Notice of Levy if the IRS decides that wage garnishment to satisfy an unpaid liability is a way to collect if you owe money to the IRS. This IRS levy notice will follow a percentage of your pay being withheld and applied to your tax debt until it is paid in full. Your employer is compelled to comply with the IRS intent to levy, leaving you with smaller paychecks each week.

IRS Bank Levy

Another type of federal tax levy is a bank levy. This occurs when the IRS seizes funds directly from your checking, savings or even retirement account to meet an unresolved tax obligation. If you’ve experienced such IRS collection action, you’ve moved past “what is a tax levy?” and on to “what I can I do about an IRS levy?”

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Your Levy, Tax Debt and What Not to Do

First the worst thing you can do is simply ignore your tax debt (the tax levy may be the eventual result of your neglect). Next, don’t go it alone. When you’re dealing with a tax levy, help is always a smart idea. Tax levies can be tricky to undo and will require a formal resolution to be put into place. If you do receive a Notice of Intent to Levy, don’t hesitate to take action and find professional assistance.

A licensed tax professional can not only answer any question that falls after “what is an IRS levy”, but also put a plan in place that gets your levy lifted. Understand that with a tax levy, IRS appeals can be difficult to negotiate – and time sensitive. A bank levy, for instance, generally only comes with a 21-day dispute period.

Your IRS Levy: Phone Numbers to Focus On

Because time is critical when you’re dealing with an IRS notice of levy, you’ll want to call upon a tax professional as quickly as possible. While you won’t necessarily need a tax pro to define “tax levy”, you will rely on him or her to create a formal resolution swiftly to get your levy lifted. You may simply need to have an IRS Installment Agreement established to ensure your notice of levy IRS problem gets handled.

Also bear in mind that IRS levies, though serious, are not the final step in the collections process. Ultimately, you may see additional property and assets seized if you don’t address the back taxes you owe the IRS. And don’t assume that you’re immune to an IRS levy; exemptions don’t necessarily apply based on your debt amount or your tax history. You can reach out to Tax Defense Network, LLC, to get your tax debt, levy, or any other level of collection action resolved.

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