An IRS levy is a legal seizure of your personal property to fulfill your tax debt. The Internal Revenue Service will usually levy when they have assessed a tax amount and sent a “Notice and Demand for Payment”, the tax payer ignored or refused to pay off the total amount due, and a “Final Notice of Intent to Levy” has been provided at least 30 days prior.The Internal Revenue Service tries to collect from the following assets: 1.Wages – An IRS wage levy is the most common form of IRS levy. It is sent to an individual’s employer in order to deduct a specific amount (commonly a high amount) of your wages per pay period. 2.Bank Accounts – This particular IRS levy is sent to your bank. The actual levy will seize the amount in the bank account up to the amount of the actual tax balance due. It is actually a onetime levy however, the government could levy the bank account again. 3.Social Security – The IRS may levy up to 15% of an individual’s Social Security through the Automated Federal Payment Levy Program(FPLP), and manually there is virtually no restriction on what they could levy. 4.Retirement Accounts, Life Insurance, and Annuities – Generally any third party accounts in one’s name. 5.Property – This is the least common form of IRS levy. The Irs can take property such as homes, automobiles and about any type of personal property with a few exceptions.If you do not pay your taxes (or make agreements to settle the tax debt the IRS may seize and sell any type of real or personal property that you own or have an interest in. Exactly how Long Can An IRS Levy Last? An IRS levy continues until your tax liability is satisfied in full, time to collect the tax has ended or until the levy has been released. How can one Stop IRS Levy Actions? A levy is definitely an aggressive act by the Internal Revenue Service to seize personal possessions. The IRS will require disclosure of financial information and assets before releasing a levy. Putting a tax professional on your side who offers expertise in dealing with the collection department of the IRS will ensure that the tax laws and regulations are worked to the tax payers advantage. An skilled tax representative will likewise know the options for resolving any tax debts and the speediest method to have the levy released. Cynthia Kuhne has been helping individuals deal with their tax troubles effectively for more than sixteen years. She’s a licensed Enrolled Agent with the experience and knowledge to stop IRS levy action quickly. She’s the founder and ceo of CKTax Inc., a full service tax resolution firm with an “A+” BBB record. If the IRS has attached a levy to your property, is about to, or you just have a tough tax issue, go to www.cktax.com or call 888-894-2005 right now.
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