Chicago: IRS Tax Levy?
Chicago: IRS Tax Levy
IRS Levies = Seizure of Your Property (Here’s What to Do) If you owe the IRS money and aren’t actively negotiating with the IRS, then it is likely they will use a levy against you.
A levy is the legal taking (seizure) of your personal property by the IRS to satisfy your tax debt. If the IRS is taking part of your paycheck the levy is called a garnishment.
And the IRS has the power to levy anything you own.
They can levy against or seize your:
And the list goes on.
The IRS can also garnish anything that is owed to you. This includes:
Individual Retirement Accounts (IRA’s)
Social Security… and more
You don’t want this to happen. Things get ugly when your personal property gets seized and/or you bank account gets “raided”.
Checks start to bounce. Payments don’t get paid. Cars get repossessed. Houses go into foreclosure, and credit ratings get destroyed.
If you haven’t paid your taxes or you haven’t filed, this could happen to you. The IRS has significantly stepped up levies and garnishments since 2004. And they show no sign of stopping.
If you are in trouble with the IRS or have received notices that you owe taxes, we can help. call Opem Tax Resolution – The Law Office of Steven A. Leahy, PC (312) 664-6649. Call Now to schedule your FREE 1 hour Consultation!