The IRS, after following procedure, has the right to levy your assets for uncollected taxes, if required to protect their interest. Your business assets, such as accounts receivable can be levied by sending notice directly to your clients or customers. Upon notice, your client or customer is required to send payment directly to the IRS instead of sending payment to you. Your other business assets, such as your bank accounts, may also be levied upon notice and demand by the IRS.
If it is personal tax debt you owe the IRS, the IRS may levy your personal assets also after proper procedure is followed.
You need to take immediate action to protect your interest prior to the levy. In some cases, even after a levy has been enforced, the IRS may return your asset if there is significant economic hardship.
Please contact us immediately if you have received a notice of intent to levy.
