Garnishments, Levies, & Seizures
Basically, if you ignore those IRS notices, the IRS will eventually garnish your wages or hit your bank account to “wake you up” and force you to deal with the issue.
By code, if your wages are garnished, the IRS can take all but $812 per month if you are single, and all but $1,625 per month if you are married. As you can see, it doesn’t matter how much you make and the IRS garnishment is not limited to a percentage of your income. The IRS is only required to “leave” you an amount equal to the standard deduction plus the personal exemption(s) reported on your most recent income tax return. The rumor that the IRS can only garnish 25% is simply not true. The IRS can take much more than 25%. Like most tax situations; until you deal with the underlying tax issue, the garnishment and/or levy will continue until it is resolved.
If you are under a wage garnishment or bank account levy, or if you have received that threatening notice informing you that it will happen soon, call us today. It is much easier to stop a garnishment or levy action before it starts than it is to stop one once the IRS has begun the process. As with every solution, the sooner you deal with the problem, the easier the solution will be.
IRS Seizures
A seizure of property, either real or personal, is very similar to a levy, except the thing seized is not money. The same notices must be sent to the taxpayer for the seizure to be legal. If the seizure is legal, the IRS can sell the property seized and keep all of the money. To apply to the taxes owed.
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