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What about IRS Levies?
I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS and Florida Department of Revenue. A Federal Tax Levy is the actual seizure of a taxpayer’s assets because of past-due taxes. Usually, it involves a bank account or wages.
 
There are two types of Levy. A Regular Levy is one that seizes what the taxpayer owns at that moment such as cash in a bank account. The other variation is the Continuing Levy which stays in place to continue to grab wages as they are earned.
 
One of the big myths is the idea that the IRS cannot Levy an IRA, 401(k) or other qualified retirement plan. While it may be true that other creditors can’t reach these funds, the federal government and its agencies are exempt from this restriction. If the taxpayer has the right to liquidate one of these accounts, then the IRS has the right to step into their shoes and grab the funds. Worse, the 10% early withdrawal penalty still applies.
 
What is the best technique for avoiding one of these levies? It’s simple, don’t ignore them. If you receive an IRS notice, contact them and do your best to resolve the situation. As long as you are providing returns and ... more

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