IRS Tax Levy & Releases Wage Garnishments, Bank Levy & Asset Levy
The IRS tax levy is a method used by the Internal Revenue Service (IRS) to enforce tax debt collection. The Internal Revenue Code authorizes the IRS to collect taxes by levy upon a taxpayer’s property or rights to property, if the taxpayer has failed to pay the tax debt after receiving the formal notice. The IRS can levy a taxpayer’s salary and wages, bank accounts, or other business assets to pay off the outstanding tax liabilities, resulting in serious financial adversity. Virtually anything of value can be seized to satisfy the outstanding debt.
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