Tax Levy - Wage Garnishment Service
A levy and a garnishment are, in fact, the same thing. These words are used interchangeably and are a seizure of assets by the IRS. A wage garnishment or IRS levy may be against any asset in the enforcement of tax collections. The most commonly seized assets are bank accounts, salaries and income. However, the IRS has the ability to seize others assets including furniture, fixtures, machinery, automobiles, boats, motorcycles or other assets.
The most common type of levy is a bank levy. When the IRS issues a bank levy, your bank upon receiving notice of the levy will place a freeze on your bank account. You then have 21 days to come to a resolution with the IRS to get the levy released or the bank will remit the funds. If a resolution is not reached within that time, the bank must send the funds to the IRS.
A wage levy also known as a wage garnishment becomes effective once your employer receives it. The employer is then required to send a portion of or all your wages to the IRS. Levies can be very frustrating and embarrassing especially when you need the money.
Just like a lien, Wolf Tax will take all measures possible to make sure the levy is removed as quickly as possible. The different options include; Currently Non Collectible, Installment Agreement and Tax Return Preparation.
Contact us now so that we may assess your personal situation and work to resolve your tax levy or garnishment.