The IRS may legally seize the right to or any property owned by the taxpayer or to which they have an interest in if they are unsuccessful in the tax collection. This is the tax levy, which unlike the tax lien is the seizure of the assets and not just the claim. The rights to property and property that they may size includes the wages, money that you may have in the bank accounts and any other financial accounts and this includes even the retirement benefits, the life insurance loan ash value, the dividends and the commissions, the accounts receivable, the rental income and the license. They many even seize and sell some of your property for the satisfaction of the tax like your real estate, car and a boat and this is the last thing that anyone needs. The state income tax refund and the federal tax refund that you may owe additionally may also be applied to the tax liability.
Among the highest pressure IRS collection tactics is the IRS levy and anyone would want to urgently want the levy released. There are law and procedures however that bind the IRS that are designed mainly to protect you regardless of the fact that they are the collection agency of the government. There is a lot of information about these rights and the collections process, but there is still information on basic action that you tax take to ensure the reduction of the tax liability, that you will never get from directly contacting the IRS. They expect you to know everything that there is to know about your rights and their execution in regards to the kind of situation that you are in. Their job is to collect and will therefore not help you if you go to them independently.
The good news, however, is that there is tax relief professional out there that can help you and protect you against the levy, and stop it. Like any other professionals today, there will be a good number of these companies out there, and choosing the right one is everything as they range from the best to cons. We live in a world today where the great services never go unnoticed and that being said, there are sites like the BBB, business directories and talking to the people around you that have been through the same that can point you to the right direction. There are a number of places that you can get information on the various tax relief companies and among them is talking to the people around you that have been through this, sites like the BBB and other business directories. Their reputation, the kind of experience that they have and their expertise, therefore, are among the things that you should pay attention to here because your assets are important.