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 by saying, "We have tried to communicate with you, but you have ignored us." Levies are used to seize your wages and any other assets you have. If you own it, they can take it. That includes checking accounts, vehicles, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning to find that all your bank accounts are empty. If what they took is not sufficient to pay what is owed, they'll continue taking your money until your tax liability is covered. The IRS is not concerned about bounced checks, no money for groceries, or if the whole world now knows you are having tax problems. Their sole objective is to collect the taxes owed.
As bad as that is, a worse method might be a wage levy (or garnishment). That is when most of your pay check goes to the IRS not leaving you enough to pay the bills. And that percentage of your check will continue to go to the IRS each and every week until the debt is paid.
If your taxes owed are still not paid in full, they may 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.
We are often able to get levies released and help you out of this terrible situation. Our goal is to bring you current with the IRS, in a manner you can afford, and let you start life anew.
