What is an IRS levy?

A levy is simply an IRS seizure of a taxpayer’s assets to repay the delinquent taxes. When a business owes the IRS past due taxes, if left unresolved over time the IRS will attempt to collect payment through levies. A levy is most commonly issued to a business’ bank account but can also be issued to a business’ customers. This is known as an accounts receivable levy. In this instance, you customers will receive notice of your IRS situation and will be required to remit any payments that you are due directly to the IRS.

How to prevent levies?

The best way to resolve a levy if to never receive one to begin with. Starting with the first contact with the IRS, Tabb & Associates will immediately put a stop to IRS Collections including levies. Depending on the facts of each taxpayer’s case, there are many different methods available to stop IRS Collections including setting up a quick resolution, securing an extension or filing an appeal with IRS Appeals to block IRS Collections from issuing levies. Tabb & Associates’ over 10 years of experience assisting clients with IRS Collections ensures that each client’s individual needs are met and that they will remain protected from levies while a permanent solution to their back taxes is secured.

What do I do once a levy has been issues?

It is never welcome news that a levy has been issued to your bank account or to your customers however there are numerous methods by which Tabb & Associates can secure a partial or even full levy release from the IRS. Either by displaying a financial hardship, negotiating an alternate resolution, proving that the IRS overstepped its bounds or other method, we will exhaust every option to get your assets released from the IRS levy.