Levies and Garnishments
Levies do serious damage to a taxpayer. A levy is the IRS’s way of getting your money – and your immediate attention! What they are saying is, “We have tried to communicate with you, but you have ignored us. If you own it, we can take it.” That includes bank accounts, autos, stocks, bonds, boats,
pension checks, paychecks, and even Social Security checks!
Imagine waking up one morning and finding your bank accounts have been cleaned out. If this amount did not cover what is owed, they will keep filing levies until they have collected every dollar you owe.
They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. They do not care! Their sole objective is to collect the taxes owed. Period.
As bad as a bank levy is, a worse problem is a wage levy (or garnishment). That is when most of your paycheck goes to the IRS or State, and they do not even leave you enough to pay the bills. If that doesn’t accomplish what they want, they’ll pull out all the stops. They can seize and sell your assets.