The 20 Most Important Things to Know About An IRS Garnishment or Tax Levy

Posted on July 3, 2010. Filed under: IRS Representation | Tags: , , , , |

What Is a Tax Levy?

The Internal Revenue Service (IRS) has broad powers available to collect taxes owed that are not paid. When demands for collection fail, the most commonly used power is a tax levy. A tax levy means the IRS can confiscate and sell property necessary to satisfy a tax debt. The IRS can levy your bank accounts, retirement accounts and any other assets you may own including your car, your boat and real estate. The IRS may even levy your wages or any other income you are receiving to protect the government’s collection interests. (more…)

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