The Importance of Responding to a Bank Levy
Levies and Liens are two different heads of the same beast. A lien is the government’s legal claim used as security for a tax debt. A levy is the government’s legal seizure and sale of your property to satisfy a tax debt.
Unpaid taxes or the negligence to make arrangements to settle the debt with the IRS may indeed lead to a levy on real or personal property. Below are some examples:
The IRS can levy property you own like a car, boat, or house
The IRS can levy property that you own but is held by someone else like wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, cash loan value of life insurance, or commissions
It’s important to act swiftly regarding a bank levy before it’s too late. Having it released is of the upmost importance in order to secure your finances. There are different approaches to having a bank levy released. Each approach is determined based on your tax and financial status. It’s also important to remember that the IRS much rather resolve your tax issue with them rather than levying your bank account.
By contracting with Spectrum Tax Relief to help resolve your bank levy, it shows the IRS that you are serious about resolving your tax debt. Let our expert team of tax professionals turn a scary and complex situation into one that allows a smooth transition into tax debt relief.