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IRS Levy Resources Aberdeen SD

If you fail to pay taxes owed to the federal government, you risk the wrath of the IRS. The IRS levy is the primary tool of tax nightmares and has given the IRS its nasty reputation.

Mr. Todd M. Klein (RFC®), CFP
(605) 348-2433
1241 E St. Joseph St
Rapid City, SD
Company
Fintegra, LLC
Qualifications
Years of Experience: 19
Membership
IARFC
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Education Plan

Data Provided by:
Liberty Tax Service
(866) 871-1040
532 E Anamosa St
Rapid City, SD

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Liberty Tax Service
(866) 871-1040
5216 W 26th St
Sioux Falls, SD

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Liberty Tax Service
(866) 871-1040
1520 W 12th St
Sioux Falls, SD

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H&R Block Inside Sears At Rushmore Mall
(605) 399-2114
2200 N MAPLE AVESW Suite 8
RAPID CITY, SD

Data Provided by:
Liberty Tax Service
(866) 871-1040
633 E Sioux Ave # 6
Pierre, SD

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Liberty Tax Service
(866) 871-1040
1943 Dakota Ave S
Huron, SD

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H&R Block
(605) 332-8081
4601 E ARROWHEAD PKWY STE 101
SIOUX FALLS, SD

Data Provided by:
H&R Block
(605) 362-2567
3400 EMPIRE MALL
SIOUX FALLS, SD

Data Provided by:
Gugel Charles Business Services
(605) 229-0156
1201 S Main St
Aberdeen, SD
 
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IRS Levy Resources

IRS Levy

If you fail to pay taxes owed to the federal government, you risk the wrath of the IRS. The IRS levy is the primary tool of tax nightmares and has given the IRS its nasty reputation.

Taxpayers are often confused when it comes to an IRS lien versus an IRS levy. An IRS lien is a tax lien filed against various pieces of your property to secure a tax debt. With a lien, the IRS cannot actually seize the property. Once the IRS determines the tax lien isn't going to motivate you to pay the taxes due, it can move to the much feared IRS levy tool.

You were up late one night and saw an infomercial telling offering to tell you how to buy assets seized by the IRS for pennies on the dollar. You probably thought to yourself that you were glad it wasn't your car, home, boat, etc. Well, it could be if an IRS levy is filed against you. If one is filed, you can expect more to come as well.

An IRS levy is a tool for seizing your property to pay off overdue taxes. Unlike a lien, a levy isn't registered per se on the title to the property. Instead, the levy immediately freezes your title to the property and gives the IRS ownership for all intensive purposes. Obviously, this is a complete nightmare for a taxpayer.

The first IRS levy you will see if delinquent on taxes is a bank account levy. The IRS will serve the levy on your bank. The bank immediately freezes your bank account and you are legally barred from taking even one penny out. Instead, the bank totals the account for the day and then sends all of the money to the IRS within 21 days. The only way you might survive a bank levy is if you have more money in the account than you owe in taxes. Even so, you are going to be one unhappy camper.

An IRS levy is not restricted to bank accounts. The IRS can go after practically anything including homes, cars, cash value of insurance policies, accounts receivable, retirement benefits and so on. Even if the IRS has no right to file a levy on the particular asset, the agency is known for doing it anyway. You owe Uncle Sam money and the IRS will do what it takes to get it.

An IRS levy can be terrifying, but you will see it coming before it happens. Before hitting you with a levy, the IRS must assess taxes owed, send you a notice of the amount and demand to pay within ten days, wait for the due date to pass and then send you a final notice. If you blow through all of these warnings, you are making a huge mistake.

If you are hit with an IRS levy, you need to ...

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Local Opinions
Tax Payers in South Dakota shared their opinions about IRS Survey
Have you had experience dealing with the IRS and their customer service reps?
Yes: 100%
How would you rate your experience?
Absolute disaster: 20%
Somewhat negative: 0%
Uneventful: 40%
Somewhat pleasant: 0%
Pleasant: 40%
What was the subject of your most recent communication with the IRS?
Making/scheduling payment: 40%
Disputing taxes owed: 0%
Investigating information: 0%
Dealing with lien/levy: 0%
Responding to a letter/demand: 40%
Other: 20%
Source: Survey.com