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In 2010 over 3.6 million levy notices were issued by the IRS (Source: IRS Data Book, 2010)
The IRS is serious about collecting on the debts that Taxpayers owe the IRS.
The IRS uses the Levy process to seize your assets to pay off the IRS debt. The IRS can take such things as your house, cars, boats, savings accounts, your salary, and even your Social Security checks.
An IRS levy of your bank account might seem terrible, but pales in comparison to having your income garnished. Having your income garnished results in most of your paycheck going to pay the IRS. A 1099 contractor can be subject to a garnishment of up to 100% of their earnings! The IRS might not leave you enough money to pay your bills. Worse yet, most or all of your paycheck goes to the IRS each and every week until the tax debt is paid in full.
The IRS will send a final notice of levy using certified mail to the address they have on record for the year the debt was created. If you have subsequently have moved, there is a good chance that you will never receive this warning and won’t know the levy has actually taken place.
Don’t wait to deal with your IRS Levy notice, and don’t contact the IRS on your own. Contact us first so we can guide you through solving your tax levy problems.