What is an IRS Levy? A Tax Attorney Explains

When a tax debt is owed to the IRS and not satisfied or put on a formal agreement, the IRS does have the authority to seize or levy assets. So what is an IRS levy? A levy is a taking or seizing of property and when the IRS uses their levying authority, they can levy or seize your bank account, wages or other assets. The IRS levies the assets to satisfy the tax debt. When the IRS levies your bank account, the IRS in essence freezes your bank account and the levy attached to the amount of money in your bank account up to the levy amount and the bank will hold this money to turn over to the IRS. If the IRS is levying or has levied your bank account, it is advisable you speak with a tax attorney to discuss your tax matter. You can speak with a Columbus tax attorney by contacting The McGuire Law Firm.

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