An IRS Bank Levy is an enforced IRS Collection wherein money is seized from your bank account.
If you do not pay your business or personal taxes:
- The IRS can seize and sell property that you hold (such as your car, boat, or house), or
- The IRS can levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, rental income, accounts receivables, the cash value of your life insurance, or commissions).
Should an IRS Bank Levy be placed on your bank account the IRS Bank Levy attaches funds that have cleared and are available for withdrawal up to the amount of the IRS Levy.
Strategic Tax Planning Tax Attorneys can stop IRS Bank Levies should you act immediately.