TaxAudit Blog

Tag: levy

Levy written on wooden tiles

CP504 is one of the scariest notices you can receive as it is considered a final notice, warning that the IRS is preparing to levy (or seize) a property.

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gavel, money, seized house

If you owe the IRS money for taxes and have not been able to pay or make other arrangements, the IRS has the legal right to seize some of your possessions.

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Levy written on the calculator

Communicating with the IRS to work out a payment plan, put a hold on your account, or even negotiate a lesser amount due may help delay or avoid the IRS levy.

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Gavel on Money

The IRS has several courses of actions they can take to collect funds owed to them. The three most common are liens, levies, and garnishments.

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Wage Garnishment written on paper next to calculator

The employer has the job of gathering the information needed from the affected employee to determine the correct wage garnishment amount from the IRS tables.

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Garnishment of Wages written on a notepad

Yes, it is possible to make a deal to keep the IRS from garnishing your paycheck. Making payment arrangements with the IRS maybe all that is needed.

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Four jars with money and plants growning

The Fresh Start program is designed so that taxpayers pay their debt in full within six years, and without a serious financial burden being placed upon them.

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Cash with a metal chain and lock wrapped around it

Two words: almost anything. Wages, retirement accounts, bank accounts, vehicles, houses, furniture, and even passports are all fair game.

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