Tax Levy Release

Levies can be financially devastating to taxpayers. A tax levy allows the IRS to seize your money to pay off a tax debt. A levy can be placed on your property, your bank account, and even your wages. The IRS can take money directly from a savings, checking, or retirement account. It can also get a court order to enter your property or business premises and seize personal property. The levy can even reach certain types of real property.

Types of Federal Tax Levies

If the IRS seeks to impose a tax levy, it will come after everything you have to get paid. The IRS has extraordinary powers to seize your assets to satisfy outstanding tax liabilities, including:

Bank Levy

The IRS can freeze your bank account and deduct enough money from your account to cover the tax debt. If they don’t receive the full amount the first time, they can come back multiple times as more money is deposited into your account.

Wage Levy (Wage Garnishment)

The IRS can demand that your employer turns over a portion of your weekly paycheck to put towards your tax debt. If your employer doesn't comply, the IRS will hold them liable for the amount that should have been removed from your check, so they have to cooperate.

Property Levy

Almost any kind of physical asset can be taken from a taxpayer and sold to satisfy their tax debt. This includes your car, boat, or even a rental property.

Retirement Account or Social Security Levy

Your retirement savings are not safe from the IRS. Everything from pensions and profit sharing to stock bonus plans and IRAs can be levied by the IRS to pay off back taxes and penalties.

If you've received a notice from the IRS threatening a levy, you need to act now. Contact Kim & Rosado LLP and they will help you figure out what you need to do to get the levy released. Call 408-290-0280 now or request a consultation online.