An IRS tax levy is a big deal. Whether it comes in the form of a wage garnishment or an asset levy, when the IRS takes your stuff… it can be traumatic!
A lot of people don’t know the difference between a garnishment and an asset levy, but it IS important to understand the difference. A garnishment such as when the IRS attaches to your wages or social security is a continuous event. What I mean is, when the IRS has a garnishment (like when they take your wages) in place it continues day after day until the IRS gets fully paid, or until an alternative solution is offered.
An asset levy, on the other hand, is a one-time hit. This is generally what the IRS uses to take your cash from your bank account or seize a car. Each time the IRS wants more, it has to issue another levy. So, if the IRS takes the cash from your bank account today, then if they want to get more cash next time, they have to issue it again. It doesn’t just continue each time you make a deposit. You never know when they will take it again.
When the IRS takes the cash from your bank account the bank has to hold the cash for 21 days before they turn it over to the IRS. This is your window of opportunity to work with the IRS to get the cash released. Good information to know if the IRS finds your money.
Get IRS Tax Levy Help Today
An IRS tax levy can bring hardship to anyone. It truly puts you in an emergency situation and puts the IRS in the “driver’s seat”. You have to jump through all their hoops and do it quickly so you can have money to pay your bills! The best solution is to work with the IRS as soon as you know that taxes are owed. Good planning and preparation can get you a much better solution than reacting to the emergency of a levy. If nothing else, getting a solution before a levy is just so much less stress. But, if you are there, and the IRS has your back against a wall, call for an appointment and let us know that you are being levied. We will move fast to get you in. The initial meeting is free, so you have nothing to lose and everything to gain! Call ASAP if you need tax levy help in Denver.