Save Your Assets! For many of us, prioritizing financial responsibilities can often be difficult.
You can be shopping one day and the next; all forms of cash and credit are frozen.
The IRS has placed a levy on all of your assets! In most cases, this isn't an unforeseen slap in the face, but rather a situation where all signals were ignored.
What happened? To be blunt, you ignored any and all contact with the IRS with regards to paying a tax debt.
Notice of a tax levy was most likely filed and ignored and here you are facing the more menacing tax levy.
This is serious.
The IRS is now threatening seizure of your bank accounts to satisfy this outstanding tax debt.
21 Days Left! Once your financial institution has been instructed by the IRS to put a hold on your money, via Notice of Levy, you have 21 days to take action.
This so-called holding period allows you limited time to work with the IRS prior to your bank account being cleaned out.
Don't Play Dumb! If the IRS notices you haven't paid your taxes, they will contact you.
Should you fail to respond, they will file a levy, preparing to take the money out of your bank account.
A levy is meant to get you to take notice and initiate payment.
However, if you still fail to get in touch with the IRS, more serious means of collection will be taken, which is when you will find yourself facing a bank levy.
What can you do to stop this? During my many years as an IRS-Hitman I have levied bank accounts, 401k accounts, even children's college funds.
If you owe back taxes, your best recourse is to contact the IRS immediately.
The IRS needs to know that you are aware of the situation and are serious about making the necessary arrangements to pay the debt.
Although this won't be easy or quick, this is the crucial first step to saving your money.
Once the IRS has issued a bank levy, you literally have just days to rescue what has taken years to accumulate.
Now you have the smoking gun...
Use it!