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Levies are a last-resort attempt by the IRS to cover your unpaid taxes and fines. Levies are used to seize wages and any other assets you have. Whatever you own can be taken, including checking accounts, cars, stocks, bonds, jewelry, paychecks, insurance policies, even Social Security checks.
You may find that the IRS has suddenly cleaned out your bank accounts. If what was in your accounts was not enough, they will keep taking money until the tax liability is covered. They are not concerned if you start bouncing checks - they just want to collect the taxes you owe.
Wage garnishment is an even more serious method of collecting taxes. Most of your paycheck goes to the IRS before you get anything, leaving you without money to pay the bills. Your wages will be garnished until the debt is paid.
The final step is to seize all your assets and sell them at auction. Everything you own is fair game and can be sold.
JB Tax and Accounting has been successful at getting levies released and can help you get out of this situation. We help you get in compliance with the IRS with what you can afford and get your life back to normal.
Please complete the form below for a free consultation with one of our tax specialists.