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What Assets are Exempt from the IRS Tax Liens and Levies?

When you have an outstanding federal tax debt, the IRS will may seize your assets to acquire the money owed to them. Even if someone who does not owe money jointly owns an asset, the IRS can still seize it. However, the other owner is entitled to compensation for the loss of the asset. […]

By |September 1st, 2015|Tax Blog, Tax Levy, Tax Lien|0 Comments

What to Do When You Receive an IRS Notice of Levy

Before the IRS can impose a levy on your assets or enact a wage garnishment, they first must inform you of the processes through an official document known as a Notice of Intent to Levy. There are two different Intent to Levy forms: the CP 90 or 297. When you receive this form, […]

By |August 25th, 2015|Tax Blog, Tax Levy|0 Comments

What is the Difference Between a Tax Levy and Garnishment?

Two common collection actions taken by the IRS are tax levies and garnishments, but many people are confused as to the difference between the two. The reason for the confusion is simple: a garnishment is a special type of levy that is taken on your income. Most people refer to wage levies as garnishments, as […]

By |August 20th, 2015|Tax Blog, Tax Levy, Wage Garnishment|0 Comments

How Much of your Income Can the IRS Take in a Tax Garnishment?

When you owe money to the IRS, they have the right to take more of your income during a tax garnishment than other creditors who may implement a wage garnishment. Most creditors have a maximum amount of your income that they can take (usually around 25 percent of your disposable income), while the […]

By |January 16th, 2015|Tax Levy, Wage Garnishment|0 Comments

The Consequences of an IRS Tax Levy

Having an IRS tax levy can have a far reaching impact on your current and future financial situation. If you have received a notice from the IRS that they intend to impose a tax levy on your property, then you need to take action. Otherwise, you may find yourself subject to some of the following […]

By |December 23rd, 2014|Tax Levy|3 Comments

What Assets can the IRS Seize with a Tax Levy

When you owe back taxes or otherwise have not paid your tax bill, then the IRS can impose a tax levy on your assets. This is a collection action where they seize property for the value of the tax debt in order to be repaid. If you have received a notice from the IRS that […]

By |December 18th, 2014|Tax Blog, Tax Levy|0 Comments