Answering Your Urgent Tax Questions about Tax Levy and IRS Seizure

Many taxpayers are burdened with tax questions. What's an IRS seizure? What am I supposed to do when the Internal Revenue Service says they're issuing a tax levy? This article discusses all of the most popular tax questions, including in-depth methods on how to prevent an IRS seizure or a federal levy. These tax questions' solutions may not be easy to execute, but you need to work to resolve your debt as fast as possible in order to stop a federal tax levy or an IRS seizure.



The Different Tax Levy Types


Until the day the IRS warns of an impending tax levy, many individuals are fine with their tax questions continuing to go unanswered. The most effective way for the Internal Revenue Service to collect what you have due to them is via a tax levy. Basically, a tax levy is the Internal Revenue Service collecting your back tax debt by forcing your payment. An IRS levy can take on various forms, which we are going to discuss. The toughest part of an IRS levy is the fact that they can be unpredictable. Taxpayers that were not even aware they had a tax debt with the Internal Revenue Service may all of a sudden be issued a tax levy without a lot of warning. An IRS Seizure, which will be explained later, is one of the fiercest kinds of federal levy.



IRS Tax Levy #1: The Bank Levy


When a bank levy is filed, many tax concerns are raised. This type of tax levy allows the Internal Revenue Service to take everything in your bank account to put it towards satisfying what you owe. The most common tax questions regarding the bank levy are answered below.





Question #1: Is the Internal Revenue Service allowed to take cash permanently from my banking institution?


The Internal Revenue Service can easily, and legally, confiscate the funds from your bank account permanently, should you fail to abide by their rules and act swiftly to handle the levy.



Question #2: Is there a way for me to keep a tax levy from allowing the Internal Revenue Service to seize my funds permanently?


Once you are issued the IRS' "Notice of Intent to Levy", you must act quickly to stop the Internal Revenue Service from seizing everything in your bank account. You have a mere 21 days!





Tax Levy #2: The Wage Levy


The IRS takes cash directly out of your salary using a wage levy. Although the bank levy only happens once, the wage levy continues to be in place until the Internal Revenue Service lifts it. The IRS can seize funds from your income until the money you owe them is entirely covered.

1. When a tax levy is enforced, how much is the Internal Revenue Service permitted to confiscate from my wages?
   
   
   Regardless of your other responsibilities, the Internal Revenue Service will however much they consider equitable.



2. Once the federal levy is implemented, how do I prevent the IRS from claiming funds from my salary?
   
   
   By law, the Internal Revenue Service must leave you with enough cash for your basic essentials, including food, water, heat, and work transportation. You definitely have a strong case for having the federal levy wiped if you're not able to afford these costs.

IRS Seizure Tax Question


Thankfully, an IRS seizure isn't that common. Only when someone owes the IRS a substantial amount, and there is an abundance of personal belongings able to be seized and auctioned with the earnings applied toward satisfying the delinquent tax debt will the Internal Revenue Service resort to an IRS seizure.



In danger of a Tax Levy or IRS Seizure? Visit IRS-Tax-Settlement-HQ.com and speak with an IRS Seizure and Tax Levy specialist that can answer all your Tax Questions.
Get help with yourIRS tax levy or IRS tax lien today.