Are you or, someone you know at risk of getting hit by an IRS Levy?
If you owe the IRS back taxes, the answer to that question is easy – “YES!”
Now that we got that out of the way, you might now be wondering – “How long do I have before the IRS aggressively pursues me?”
Well, the answer to that question is hard to say. Typically, the timing of enforced collections depends on the IRS’ available staffing. But be sure of this, if you have an outstanding tax debt, you are on borrowed time.
Below, are 4 of the most obvious warning signs that you are in immediate risk of an IRS levy. Continue reading Are You At Risk of a Levy?
If you don’t pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own, or have an interest in.
One of the first things the Taxman will target is your bank account(s). This is achieved by sending a Notice of Levy to your bank. They do not need to specify the account number. They simply inform your financial institution that it has been ordered to remit all funds for which the taxpayer has an unrestricted right to withdraw funds (signature authority), as of the date of the notice, directly to the IRS in 21 days up to the amount owed, as indicated on the notice. By law, Continue reading IRS Levy