Liens, Levies & Garnishment irs back taxes owed federal tax lien release no
A tax levy is a legal seizure of your property to satisfy a tax debt. It can take several forms:
Do you have IRS back taxes owed? It is important to know the difference between a lien and a levy:
Bank Levy - The IRS can take funds directly from your bank account.
Wage Levy (Garnishment) - A portion of your paycheck is taken.
Property Seizure - Physical assets like your home, car, or other property may be taken.
Social Security Levy - Part of your Social Security benefits can be withheld.
A tax lien is the government’s claim against your assets when you don’t pay your tax debt. It affects your property and can harm your credit score. If you have a federal tax lien, you need to work with a professional to properly handle your federal tax lien release.
If you receive a notice of levy, you must act quickly to prevent wage or bank levy. Most wage or bank levy's are done after several notices. Do not ignore notices or letters from the IRS.
