IRS Bank Account Levy: Comprehend Why the IRS Uses Them

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Many people ask the same question time after time: why does the IRS use bank levies? With a bank levy the IRS actually takes property to satisfy the tax debt. A bank levy is not something the IRS uses the day after they realize that a taxpayer owes money. Even if the taxpayer cannot pay their taxes they can resolve their taxes and prevent a levy from ever going into effect by working with the IRS on a resolution. Below are a few possibilities to avoid an IRS bank levy if taxes cannot be paid.1. Pay the IRS in Full: If you do not have the money to pay the IRS you can consider selling some assets that you own, refinancing your home, or borrowing from family or friends. With an offer in compromise the IRS allows the taxpayer to settle their taxes for less than the total amount owed. To collect what is owed by those who are bucking the system, the IRS has the right to issue a bank levy and take money direct for the taxpayers bank account.

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