PO BOX 1095
Mango, FL 33550
ph: (877) 241-2704
fax: (813) 438-7948
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Levies and Garnishments are two of the most feared collection measures available to the IRS. The primary difference between the two is that levies are generally one-time seizures of assets (although there are exceptions) and garnhishments are ongoing seizures of a stream of income, especially wages or social security benefits.
Levies are usually one-time seizures of money or the right to receive money. The vast majority of levies are issued to a taxpayer's business or personal bank accounts. Levies are usually served on banks with a form 668-A. There are a few important things to remember regarding levies:
A garnishment, unlike a levy, is a seizure against a source or stream of income. Garishments will typically be ongoing in nature, attaching not only to funds payable on the date of the garnishment but to future payments as well. For taxpayers will one source of income, this can be even more problematic than a levy since it will continue to capture funds as long as the income stream continues or until the debt is paid off. Some sources typically garnished include wages and social security payments. Garnishments are usually served using a form 668-W.
Regardless of whether a particular collection is a levy or a garnishment, the fact remains that the IRS is taking money from you involuntarily. If your case has progressed to this point, it is very likely that you will need an experienced professional to help get the levy or ganishment released and to ensure that it doesn't happen again. You will have a limited amount of time to get the levy or garnishment released, so it is important that speak with a professional quickly to ensure that you do not miss out on the opportunity to secure a release prior to funds being remitted to the IRS or State.
If you have received an IRS or State levy, Contact Us today for a free consultation.
Levies and Garnishments are among the most agressive tactics the IRS and State can use to collect money from a taxpayer. If you have received a levy or garnishment, you need to act quickly to secure a release and protect yourself from future collections.
Contact Us for a free consultation.
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PO BOX 1095
Mango, FL 33550
ph: (877) 241-2704
fax: (813) 438-7948
info