Receiving notice of an IRS levy or lien can be a very frightening time.
Just the thought of the IRS seizing all of the money in your bank account(s) or taking your state income tax refund or any payments you may normally receive from the federal government can be unbearable. When an IRS levy, such as a bank levy, is issued, the bank is legally obligated to immediately freeze any and all of your accounts. The bank must then hold those funds for 21 days, giving you time to resolve the debt. If you have not resolved the debt in those 21 days, the bank must send those funds to the IRS.
And to think the IRS can actually seize and sell your personal property can be financially and emotionally devastating. Unfortunately, it does happen, although rarely. The IRS can take and sell any property, such as a boat, car or even a house.
At the Law Office of Mary King PL, we never advise any taxpayer to take on the IRS themselves, especially if it involves an IRS levy or lien.
Mary King can begin work on your case by requesting a Stay of Collections for up to 90 days. If the Stay of Collections is granted, the IRS will not contact you about your back taxes for up to the 90-day period granted. And it gives Mary King the time needed to negotiate a better settlement, whether with an Installment Agreement, Offer in Compromise, or another form of resolution.
According to the Fiscal Year 2007 (Oct. 1, 2006 through Sept. 30, 2007) IRS Enforcement and Service Statistics, nearly 3.8 million levies were issued against taxpayers. That number increased 17 times since fiscal year 2000 when just over 200,000 IRS levies were issued.
But that’s not all. In the same fiscal year 2007, the IRS filed nearly 700,000 liens against taxpayers, an increase of 407 percent from fiscal year 1999 when 167,867 liens were filed.
If you receive an IRS levy or lien notice, contact us immediately. When you hire Mary King, you can be comforted by knowing that our Tax Team has years of experience dealing with the IRS
