Thursday, November 15, 2007

Information On Levies
Information On Levies There are a couple of commons pieces of information that a Tax Payer may want to know about levies on an account:1. When you have a bank levy, you are bouncing checks!2.The IRS will never release a bank levy until its paid. the IRS can issue a bank levy every 21 days.3.The IRS can levy any type of "income" you have i.e Bank Accounts,Pension,Ira's4.Employers have to respond to levies (from where wages are being garnished), if not they can be responsible for their employees liability. There are criminal charges for this type of activity.5. Bank Levy-Form 668-A: On date of receipt of levy, funds are frozen up to the amount of the levy and then released to the IRS in 21 days6.Wage Levy-668-W: Levy starts as soon a employer receives information. However this does allow the Taxpayer to retain some funds and allot for dependents.7. Release Of Levy 668-D: Can be sent directly to employer or bank directly8. The IRS allows 21 in between these notices being sent to the Taxpayer.9. Bare in mind that notices 501 through 504 are sent as an intent to levy. This is prior to receiving the 668 A,W, or D Forms.
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