Taxpayers with IRS problems are always looking over their shoulder for the IRS. Once you owe the IRS money, they become very aggressive in their collection attempts.
One of the most common collection methods the IRS uses is the levy
They will use either a Bank Levy or a Wage Levy. If you’re lucky enough to still have a bank account, the Bank Levy allows the IRS to present your bank with a piece of paper that requires the bank to immediately withdraw all the money you owe the IRS.
Many times these Bank Levies are wrong, but the IRS doesn’t care and it’s up to you to correct the problem. Meanwhile, the checks you’ve written are bouncing all over town. The worst thing about the IRS Bank Levy is that it may capture your children’s, parent’s, girlfriend’s or spouse’s bank account, if your name happens to be on the account. Even if it’s just on there for convenience.
The IRS doesn’t care, they just want to get paid and they don’t care who pays your taxes.
The IRS will make your bank turn over the money in checking and savings accounts that have your name on them.
Further, if you deposit more money after they have cleaned the account out, IRS may issue another Bank Levy to satisfy any remaining amounts they claim you owe.
It’s like hitting the lottery for the IRS.
Once they find your money, they can continue grabbing it by issuing more bank levies.
If you are facing Bank Levies, please contact us today to negotiate a better solution with the IRS.
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Stephen Wallick started Stephen Wallick & Associates to provide tax and accounting services to Contractors, Real Estate Investors, and Realtors. Steve specializes in IRS Tax Resolution services and works with his clients to resolve cases under scrutiny by the IRS. As a tax professional and enrolled agent, Steve can save you money with IRS loopholes each year. With over 20 years going up against “The Man”, Steve is uniquely qualified to resolve even the toughest IRS cases.