An IRS levy can result in a number of repercussions. These can affect you personally and they can also impact your work life.
You May Have Your Property Seized
If you’re affected by a levy from the IRS, you may have your property seized. If you use this property to obtain rental income, you will no longer be able to do so. If the property is used for other forms of business, for example a home-based business, this will also affect your ability to earn.
If you’ve been worrying about the fallout from an IRS tax levy, an experienced tax attorney can help you. It’s important to contact them even before things reach this stage, so that you’re work activities aren’t affected. However, if you’re already at the point where a levy has been brought into play, you can still talk to a lawyer to get help.
Take Money From Your Accounts
If you’re subject to a levy, the IRS will have the right to take money from your bank account. In fact, they can do this with all of your accounts, so no matter how many you have spread across different financial institutions, you can expect cash to be taken from them.
If you’re making automatic payments from these accounts in order to pay debts, these payments will be affected. The IRS will try to access as many of your accounts as possible, so that your obligation to them can be fulfilled.
Take Your Vehicles
If you have cars, motorbikes or other modes of transportation that are used for business, the IRS will have the right to seize these. This means that if you currently use a car to make deliveries for your busines, you won’t be able to do so. If you need your vehicle to complete personal activities, these would be affected as well. The IRS will sell your property in order to get cash to meet your obligations.
When should you act?
You may enter a state of shock or confusion when you realize that you’re subject to a levy and you may not know what you should do next. However, the moment that you get a Final Notice of Intent to Levy, you should contact an attorney.
This type of IRS bill is a sign that the IRS is serious and they intend to seize all of your assets. As soon as you receive that document, contact a lawyer who can help you.