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What Happens if the IRS Threatens to Take Your Refund?

Every year, three in four Americans look forward to receiving tax refunds. These often total thousands of dollars. While this should not be thought of as free money, many recipients depend on this lump sum to cover everything from credit card debt to medical bills. Given the importance the annual tax refund plays in so […]

Crash Course: The Difference Between an IRS Lien and IRS Levy Explained

The IRS threatens a variety of consequences for nonpayment of taxes. While penalties and interest may be the first course of action, liens and levies are distinct possibilities for large balances not paid over a long period of time. While these repercussions hold many similarities, they’re quite different in practice, as highlighted below. Levies Versus […]

Did the IRS Levy You Unfairly? You Now Have More Time to Fight Back

The IRS enjoys the ability to levy assets and income from individuals or businesses that owe taxes. Unfortunately, the IRS regularly mishandles this power and incorrectly levies taxpayers who have done nothing wrong. When this occurs, taxpayers are suddenly left in the lurch, without access to the income and assets they’ve worked so hard to […]

What’s the Difference Between an IRS Tax Lien and an IRS Tax Levy?

The Internal Revenue Service uses two main approaches to recover owed taxes: IRS tax liens and IRS tax levies. Both actions can prove disastrous for taxpayers, but in different ways. If you owe taxes, and you are at risk of collection, it is important to gain an understanding of these tactics and how they may affect […]

7 Ways and IRS Tax Levy Can Make Your Life Difficult

While a lien from the IRS stakes a claim against your property to pay off an IRS debt, an IRS tax levy actually seizes the property in order to pay the tax debt. The following three things will happen before the IRS issues a IRS tax levy: The IRS will issue a tax bill. You […]

Property Seizure Protection 101: Why the IRS Wants to Levy Your “Stuff” and What You Can Do About It

If you owe money to the IRS but haven’t paid, the agency can file a tax lien, a tax levy, and take seizure action against you. The lien will likely include interest, and the government can attach nearly all of your assets. However, you can take proactive measures to stop property seizure. Here’s how. Federal […]

What’s Exempt from an IRS Levy, and How Can You Contest a Levy

  The IRS can seize property from individuals or businesses even when the agency does not have a judgment by using what’s known as a levy. The IRS uses this strategy when a person has failed to pay taxes. The Levy Process The IRS enforces the levy by notifying a third-party property holder of its […]