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IRS Levies And Wage Garnishments

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Levies, unlike federal tax liens, impact you financially...immediately!  A levy is when the IRS actually takes money from your paycheck, your bank account, or your social security check.  Generally the IRS starts levies such assets when you have ignored their payment notices.  So they use levies as a way to get you to contact them to begin a regular payment plan.

The reason levies are such good motivating tools is the amount of money the IRS can take....80% of your paycheck and all of what's in your bank account.  Suddenly you can't make rent or the mortgage payment, keep up with the car payment, utility bills, credit card payments or any other payments.  Now, not only is the IRS upset, but everybody else you owe will be as well.  In short, the IRS has placed themselves first in line each and every pay period.

The good news is that we are often able to get levies resolved, get you back to a better financial position, and let you start life anew.  We understand many of the nuances of levies, such as:

  • Financial institutions must hold levied funds for 21 days, giving you time to recover those funds if you act;
  • Levies on financial accounts are for that one day only and future deposits are not to be seized; 
  • You generally have 30 days to respond to a wage levy or garnishment once the IRS notifies you;
  • Generally the IRS wants you to submit additional information about your finances, giving them a road map for future levies.  However, you don't always have to do this.


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