A levy is a collection method used by the IRS in which it seizes your property in order to satisfy an outstanding tax liability.
A common form of levy is one issued by the IRS to a taxpayer’s bank – this is commonly referred to as one’s bank account being frozen. Another form of levy is wage garnishment, in which the IRS takes a portion of the taxpayer’s paycheck. Vehicles, real estate, and other non-financial assets may be taken by the IRS via levy as well.
IRS levies can cripple your life. Imagine not being able to use your bank account. Imagine that most of your pay is taken and you’re left with a bare minimum for you and your family to live on. The IRS is not subject to garnishment limitations placed on other creditors; it can take a majority of your earnings until your tax debt is paid.
If you owe back federal taxes, I cannot stress enough the importance of contacting a skilled, qualified attorney! There are ways to avoid garnishments, account freezes and other IRS levies. We can help you. Call us.
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Bradley R. Bailyn, Esq. , Founder
Bailyn Law provides comprehensive legal and advisory services to closely held and family businesses seeking to capitalize on opportunities, avoid or mitigate risks and create long-term stability through good management and diligent business decisions. We help owners and directors structure successful transactions to improve profitability and liquidity including purchasing and selling entire companies or certain assets, restructuring the ownership, management and operations of the business, raising capital or entering joint venture agreements. We serve as general counsel for our clients, fulfilling daily needs and building long-term relationships of trust and confidence.
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