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IRS Notice of Levy, Garnishment, and Liens

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IRS Notice of Levy, Garnishments and Liens

According to the United States Government Accountability Office 21 percent of Americans ended up owing money to the IRS this year instead of getting a refund. By now, those people should have paid that debt. What if you are part of that 21 percent and haven't paid yet? The reality is the IRS has the authority to use collection tactics to get their money. These tactics may come as just as much of a surprise as the original tax bill. What strategies does the IRS use?.

Collection Strategies

The IRS uses these three main methods of collections.

  • A levy is a one-time seizure of an asset, including physical property, bank accounts, inventory, and sometimes your wages. The key here is one-time. Unless we're talking about wages, a levy gives the IRS the authority to perform a seizure once. For example, if they seize your bank account, they get what's in it on that day. They are not able to seize future deposits.
  • Wage Garnishment is a type of levy when the IRS seizes your wages. It is not one-time. In fact, it is a recurring event that happens every time you get paid until the tax bill is paid in full. The IRS provides your employer an exemption amount that you will continue to receive as pay. All monies over the exemption amount goes to the IRS.
  • The IRS can also issue a lien, which is technically not a collection strategy, although it does help get their money. Here's how it works. When you file a tax return that indicates you owe money, the IRS automatically issues a "statutory lien." How does this affect you? First, it shows on your credit report and makes it difficult for you to get credit. Secondly, it attaches to your personal and real property. That means if you own a home, you cannot sell it or take out a loan against it until the lien is satisfied.

Get Help

You do have options when it comes to the IRS's collection strategies. Get help to protect yourself from wage garnishment, tax liens and tax levies. Advanced Tax Solutions has over 50 years of combined experienced providing tax relief. Talk to our experts about how to stop a levy or garnishment, set up a realistic payment plan or get your lien completely released through the IRS's Fresh Start or Offer in Compromise programs. Schedule a free consultation to find out what options are available to you. We know how stressful working with the IRS can be. That's why we offer expert services at a reasonable price.

Schedule a Free Consultation

If you want to discuss these issues with a professional that understands these complicated rules or need help with a tax problem, please call the office at 303-753-6040 or fill out a contact form today.


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