Learn More About How the IRS Can Take Your Money With IRS Trouble Solvers in The Chicagoland Area and Nationwide
The IRS is the most powerful creditor on the planet. They can walk into your bank and take all of the money out of your bank account. They can also take your wages and salary by telling your employer to not pay you. They can also seize your car, home or business. The IRS has three main ways to collect money from you by force.
To learn more about how they can do this and what you can do if you are facing any of these collection efforts
Bank Levys
The IRS, by serving a levy on your bank, can take all of the money in your account. If the IRS has levied on your bank account, you have twenty-one (21) days in which to obtain a release of the levy.
A Story From One of Our Clients
Our taxpayer received a call from his bank notifying him that all of the checks he recently wrote had bounced because of insufficient funds. Our taxpayer was surprised that his checks had bounced because there was enough money in his bank account. Our taxpayer learned that the IRS served a levy on his bank account and that the bank was about to send all of the money in that account to the IRS. After retaining , we negotiated the release of the bank levy before the end of the 21-day period. The bank released our taxpayer’s funds and the checks were allowed to clear. The IRS Trouble Solvers™ also negotiated an installment agreement with the IRS on behalf of our taxpayer where small monthly payments were made until the liability was paid in full, all without the fear of further bank levies.
Seizure of Assets
The IRS has the authority to seize assets including, but not limited to, your house, boats, cars, airplanes and ATVs. The IRS also has the authority to seize your business.
Our Clients Story: IRS Raids Business and Packs Up Physical Assets
The IRS showed up unannounced at our taxpayer’s restaurant with a moving van and instructed all of the patrons eating breakfast to leave. The IRS then began putting the tables, chairs and booths into the moving truck. Our taxpayer called tax attorney Patrick Sheehan who spoke to the IRS Revenue Officer in charge. Because the Revenue Officer had worked with Mr. Sheehan in the past, Mr. Sheehan was able to persuade the IRS to halt the seizure until Mr. Sheehan could make a proposal on behalf of the taxpayer. Mr. Sheehan was subsequently able to negotiate an excellent resolution for this taxpayer and avoided the seizure of the taxpayer’s business.
Wage Levy
Unlike other creditors, the IRS has unprecedented power over you to collect unpaid tax liabilities simply by serving a piece of paper, a wage levy or garnishment called a Notice of Levy, on your employer. If you are a W-2 employee, the IRS can basically take your entire paycheck. You are then essentially working for free and will receive little, if any, money in your paycheck.
If the IRS has levied on or garnished your wages or income, we can help. Give us a call today.
