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IRS Levy Seizure Release | Affordable Tax Service, Port St.Lucie FL
Contact Affordable Tax Service Connecticut
Thursday, March 28, 2024
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Bank Account Levy, Frozen Assets, Wage Garnishment Levy

Understanding Levies: Freeze - Seize - Release

Freeze and Seize - How Does It Happen?

irs-levy-bank-propertyThe government's seizure of personal property and monetary assets is to satisfy taxpayer delinquent tax debt. IRS agents legally freeze and seize bank accounts, employee paycheck wages, 1099 income, dividend income, third party accounts, investment accounts and any other personal asset, which contains enough equity to satisfy the taxpayer's delinquent tax debt.

Directly resulting from overdue payment remittance and diminished communications between taxpayer and government. Before personal property, investments, employee paycheck wages, or bank accounts are seized, taxpayers receive formal written communications (“Notice and Demand for Payment”) soliciting immediate payment.

*If you've received a "Notice and Demand for Payment" letter, it's time to join forces with Affordable Tax Service. We'll engage various agents to help prevent frozen bank accounts, employee wage garnishment, investment income withholdings and personal property seizures.

When taxpayers ignore agency demand notices, agents send a “Final Notice of Intent to Levy” letter. "Final Notice" = IRS' last taxpayer communication attempt. When taxpayers dismiss the "Final Notice of Intent to Levy" letter, they'll experience either a bank account levy, personal property levy, paycheck wage garnishment levy, or social security check freezes within 30 days.

*At the end of the day, IRS agents legally freeze and seize assets to satisfy delinquent back taxes, unless taxpayers take immediate action. Don't let government agents freeze and seize your assets; take action today (860) 646-3755.

Types Of Asset Levies - Frozen Assets - Seized Assets

irs-levy-types After agents freeze then seize assets, taxpayer's find it more difficult to navigate the agency process and acquire the asset release. The are 4 main types of seizures.

  • Bank Account Levy: Bank Account Levy instructions are sent to your financial institution to seize all  available funds in your bank account up to the amount of the delinquent liability amount. Banks freeze funds for 21 days and if not released, the funds are seized and sent directly to the government. During the 21 day freeze period are prohibited from withdrawing or accessing the money.
  • Wage Garnishment Levy: Employee Wage Garnishment is the most common type of back tax collection approach. Notification is sent to employers demanding extraction of the stated amount from your paycheck. When employers receives wage garnishment notification, employers are legally required to freeze then transfer your money to the IRS. This extraction process repeats each pay period until all outstanding back taxes are paid in full or the statue of limitations expire. A Wage Garnishment Levy typically leaves taxpayers with very little to live on, thus creating additional financial hardship.
  • Retirement Account and Social Security Levy: Social Security Levy is not uncommon nor is a Retirement Account Levy. Additionally, government agencies seize life insurance policies, 1099 income, dividends, accounts receivable, and all asset taxpayers delegate to third parties.
  • Personal Property Levy: While a Personal Property levy is the least common approach, rest assured, seizure of you personal property assets will occur back tax debt remains unpaid. Personal property constitutes your primary residence, retirement dream home, vehicles, land, etc.

How Do I Stop IRS Levies?

stop-irs-leview-releaseBefore taxpayers can stop the government's asset seizure, the law requires full compliance with previous years filings. When outstanding tax liability debt can't be paid in full, ATS helps enroll taxpayers into IRS tax settlement programs and/or payment plan programs. After all agency prerequisite activities are complete, then we'll have the opportunity to obtain the release and reacquire your frozen seized assets.

*Don't let a paycheck wage garnishment levy, personal property levy, bank account levy, or any other freeze and seize action happen. If you've received the government's demand notice, contact AFT today. We'll move quickly, helping taxpayers prevent freeze and seize activities, and work towards enrolling taxpayers into realistic payment plan solutions.

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