Practice Areas » Miami & Ft. Lauderdale Tax Law » IRS Levies

IRS Levies

The IRS has the power to issue a levy to collect unpaid taxes. A tax levy is generally exercised as a last resort effort to get the taxpayer to pay the tax debt. The IRS can seize and sell a taxpayer’s property that is in the taxpayer’s possession or levy property that is held by a third-party. Bank accounts, wages, retirement accounts, dividends, federal and state refunds, licenses, rental income, accounts receivables, the cash loan value of life insurance, or commissions all can be levied.

The IRS notes that a levy is the legal apprehension of the debtor’s property to fulfill a tax debt. While a tax lien uses the property as collateral to satisfy the debt, a levy actually seizes the property. The IRS can take and sell the debtor’s property, such as a car and home. In addition, it can levy assets that he owes but is held by someone else, such as his bank account, wages, federal and state tax refund, pension accounts, commissions and accounts receivables.

Taxpayers should seek assistance immediately from a tax attorney upon receipt of a notice of levy. Even if you cannot pay all of your back taxes, you can still stop the IRS’s enforced collection actions and try to settle your tax liabilities by negotiating a reasonable monthly payment plan or an offer in compromise settlement that pays a fraction of what is owed.

At Bucci Law Offices, our tax attorneys can help you establish these alternative payment methods as well as analyze and assess other options that may be more suitable to resolving your tax problems. Contact Bucci Law Offices today to get the help you need and deserve!

How Can Bucci Law Offices Help?

Dealing with the IRS alone can be very intimidating, often times, resulting in nothing more than increased interest and penalties being assessed against you. We can eliminate this stress for you. You can stop answering harassing phone calls and dealing with the IRS.

Instead, you can have us, your trusted partner, deal with the IRS on your behalf and help you get the results you need. The tax attorneys at Bucci Law Offices have extensive experience with the IRS and can navigate through the rules and regulations, while advising you of your best possible options for resolving your IRS problems.

Remember, IRS problems do not go away by themselves and usually require immediate attention. You need to know your rights and understand your options. At Bucci Law Offices, our tax attorneys can help you analyze and assess the options most suitable to resolving your tax problems. You need someone in your corner to protect your rights and interests – we can do just that! Bucci Law Offices can be your tax advocate and fight for your rights!