What to do if you receive a Levy Notice
If the IRS has levied your accounts or notified you of an “Intent to Levy” - call Effectur Immediately!!!
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt. The IRS is required to inform you of a levy by sending a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. They may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in. For instance,
- They could seize and sell property that you hold (such as your car, boat, or house), or
- They could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).
If you take no action, your bank may be required by law to freeze your assets and give control of your money, stocks and/or CDs to the IRS. When that happens, your property may also be foreclosed and your bank account seized. In addition, your wages may be garnished allowing the IRS to take a portion of your paycheck every week. Paying simple expenses such as your electric bills can suddenly become difficult and painful.
Luckily, Effectur can help. After contacting us, we will quickly request a period of up to 90-days where the IRS will not contact you (called a Stay of Collections). During this time, we’ll work with the IRS to negotiate a better settlement. As former IRS agents, many of our experts know how to work with the government and find a solution that protects your money and property. We’ll also help you get your paycheck back and work to protect you from future wage garnishments.
Remember, EVERY DAY COUNTS when you’ve been notified of an IRS levy. We’re ready to help you protect what you’ve worked so hard to earn. Please complete the form to the right or call us immediately at 1-800-834-7214.