A levy is an IRS seizure of your property to satisfy a tax debt. This might include investment accounts, bank accounts, social security benefits, or your wages. The IRS may seize property that you currently hold or that is held by someone else (e.g., wages not yet paid).
A levy is used when you owe back taxes and have neglected or refused to pay the bills sent to you. A levy is not the same thing as a lien and a lien is not required for a levy. Before a levy is made, the IRS will provide you with a notice giving you 30 days to request a collection due process hearing. A levy can also be avoided by paying the tax liability or entering a payment plan or other settlement with the IRS.
If you’ve received a notice of intent to levy or believe that you may be subject to a levy, call Erdmann Law now to schedule a consultation. We are often able to get a wage levy removed within a day or two of consultation, if not the same day! It is also important that you call us immediately when you get a notice of intent to levy so that we can ensure that your collection due process rights are preserved.