IRS Tax Levy: Your Questions and The Expert Answers

Got Questions? I've got answers. I recieve tons of questions about Tax Levies, so here's the exclusive exposé. And I'll be honest, there's no simple way to remove a Tax Levy. But it's not impossible.

How Long does a Tax Levy Last? When it comes to Tax Levies, there's three tribes:

Wage Levies are continuous. The IRS can keep seizing a portion of your paycheck until your debt is paid in full.

Bank Levies are usually one-shot deals. The IRS cleans out the bank account(s) in one fatal swoop. It's cruel, but is usually used as a wake up call. The IRS can come back in a month to collect from your account(s) again, but they would rather you worked out an agreement.

Asset Seizures are the least common of the three. The IRS usually won't seize your primary residence. But if you own luxury cars, boats, vacation homes, or business assets beware! The IRS will work to seize your assets if you don't pay.

Can I sue the IRS for levying my assets?
According to IRS Code 6343B, you can only sue the IRS if you've been wrongfully levied. To be frank, I've never seen the IRS wrongfully issue a levy on anyone.

Can the IRS levy my business assets?
The IRS can seize your business assets, accounts receivable, and even shut you down if that means they'll get paid.

It's never "Too Late"... Have your assets already been seized and auctioned off? You still have a small chance at redeeming your property. This is called your “Right of Redemption,” and it gives you a chance to repurchase the property from the new owner.

Regardless of whether you are able to get money or assets the IRS has taken from you, you need to get into a tax resolution! If things are this serious, you should talk to a tax debt professional right away. Call 888-415-1337 or fill out the submission form now for a free consultation!

Have a happy and safe weekend! I'll be here on Monday to answer more Tax Debt questions.