The IRS is very aggressive in their collection attempts for past due payroll
taxes. The penalties assessed on delinquent payroll tax deposits or filings can
dramatically increase the total amount owed in a matter of months.
How you answer the first five questions asked by the IRS may determine
whether you stay in business or are liquidated by the IRS.
You should avoid meeting with any IRS representatives regarding payroll taxes
until you have met with a professional to discuss your options.
IRS LEVY (sometimes called a lien)
An IRS levy is the actual action taken by the IRS to collect taxes.
The IRS can issue a bank levy to obtain your cash in savings and checking
When the IRS levies a bank account, the levy is only for the particular day the
levy is received by the bank.
The bank is required to remove whatever amount is available in your
account that day (up to the amount of the IRS levy ) and send it to the IRS in
21 days unless notified otherwise by the IRS.
This type of levy does not effect any future deposits made into your bank
account unless the IRS issues another Bank Account Levy
The IRS can levy your wages or accounts receivable.
An IRS Wage Levy is different from a Bank Levy. Wage levies are filed with your
employer and remain in effect until the IRS notifies the employer that the wage
levy has been released.
Most wage levies take so much money from the taxpayer's paycheck that the
taxpayer doesn't have enough money to live on.
Levies should be avoided at all costs and are usually the result of
poor or no communication with the IRS.
The person, company, or institution that is served the levy must comply or face
their own IRS problems. The additional paperwork this person, company or
institution is faced with to comply with the levy, usually causes the
taxpayer's relationship to suffer with the person being levied.
If you, or someone you know, is experiencing these actions, please contact us
today. We CAN help!