Levies can really do a lot of damage and even ruin your life. A levy is the IRS's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, auto's, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting people and businesses that you have a problem. But they don't care! Their sole objective is to collect the taxes owed. Period.
As bad as that is, a worse method is a wage levy (or garnishment). That's when most of your pay check goes to the IRS, they may leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.
If that doesn't accomplish what they want, they'll pull out all the stops. They can seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
Before the IRS begins taking money out of your bank accounts or your paycheck we work with the IRS to help you get out of this terrible situation. Our goal is to find a way to get you making payments based upon what you can afford, not what the IRS determines, and let you keep your life on an even keel.
At JT Dillman Services Inc, we've been serving our clients' tax and accounting needs since 1999. If you need help managing any aspect of your home or business's finances, we want to hear from you.
Please fill out this form and let us know how we can be of service.
Thank you for visiting. We look forward to working together!