Stop IRS Levy Processes And Protect These Five Important Assets

An IRS levy is a lawful seizure of your assets to satisfy a tax debt owed. The Irs will usually levy when they have assessed a tax amount and provided a “Notice and Demand for Payment”, the tax payer failed or simply refused to pay the total amount owed, and a “Final Notice of Intent to Levy” has been provided at least thirty days prior.

The Internal Revenue Service attempts to collect from the following resources:

1.Wages - An IRS wage levy is probably the most common type of IRS levy. It is delivered to your employer to deduct a specific amount (commonly a high amount) of your paycheck per pay period.

2.Bank Accounts - This type of IRS levy is delivered to an individual's banking institution. The actual levy will seize the amount in the bank account up to the amount of the actual tax balance. It is actually a onetime levy nonetheless, the irs could levy the bank account again.

3.Social Security - The IRS may well levy up to 15% of one's Social Security through the Automated Federal Payment Levy Program, and manually there is virtually no limit on what they are able to levy.

4.Retirement Accounts, Life Insurance, and Annuities - Generally any 3rd party accounts in your name.

5.Property - This is the least common form of IRS levy. The Irs can take personal including houses, vehicles and about any type of personal property and assets with a few exceptions.If you do not pay your income taxes (or make arrangements to settle the tax debt the IRS may seize and sell any type of real or personal property that you possess or have an interest in.

How Long Does An IRS Levy Last?

An IRS levy continues until your tax liability is satisfied fully, time to collect the taxes has expired or until the tax levy has been released.

How can one Stop Stop IRS Levy Action?

An IRS levy is definitely an aggressive act by the Irs to seize assets. The IRS will demand disclosure of financial information and assets before releasing a levy. Putting a tax expert on your side who offers experience in working with the collection department of the IRS will ensure that the tax laws and regulations are worked to the tax-payers advantage. An knowledgeable tax expert will likewise know the solutions for resolving any tax debts and the speediest method to have the levy removed.

Cynthia Kuhne has been helping people fix their tax problems successfully for over 16 years. She is a licensed Enrolled Agent with the experience and knowledge to stop IRS levy activity swiftly. She's the founder and president of CKTax Inc., a full service tax relief company with an "A+" BBB record. If the IRS has attached a levy to your property, is about to, or you just have a tough tax issue, go to www.cktax.com or call 888-894-2005 now