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I just received a notice saying that a levy is going up against me from the IRS. I have been trying to pay my back taxes and I have been trying to call them and file documents but keep just getting the runaround. How serious is a levy? What should I do now?
4 ANSWERS
Personal Injury Attorney serving Greenville, SC
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The Greene Law Firm, P.A.
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There are two different types of IRS levy: the levy on wages takes a certain percentage of your gross income per pay period and leaves you the rest. It continues until it is released by the IRS. The bank levy takes all the money in your bank account on the day the bank receives the levy. It is only good for one day.
Answered on Apr 21st, 2015 at 10:25 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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A levy is a lien against any property that you own. There are basically two kinds, one is filed with the county and acts like a mortgage against any real estate that you own. The other is a garnishment of your wages, the cash in your bank account, any investments you have with a stockbroker. Levies are extremely serious not only can you lose important assets but they are public records. Having a tax levy will ruin your credit. In your situation, you should consult a tax pro immediately.
Answered on Apr 14th, 2015 at 6:25 PM
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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An IRS levy can garnish your wages, seize your bank account, or any other assets you may own, such as an automobile, stocks, real estate, etc. You need to arrange an installment agreement with IRS, or make an offer to settle with IRS for some lesser amount. You should contact a good tax attorney to represent you in this matter.
Answered on Apr 14th, 2015 at 2:51 PM
A levy is when the IRS seizes your assets. They can come and take away whatever assets you own. They usually start with liquid assets in bank accounts and then move onto valuable objects like cars or furniture. Yes, it is very serious.
Answered on Apr 14th, 2015 at 1:37 PM