Levies can really do a lot of damage and even ruin your life. A levy is the IRS's way of getting your immediate attention. What they are saying is, "we have tried to communicate with you but you have ignored us." Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, vehicles, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.
As bad as that is, a worse method is a wage levy (or garnishment). That's when most of your paycheck goes to the IRS, they don't leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.
If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
Choice Tax Solutions has had great success for many of our clients, getting levies released quickly and establishing a monthly payment plan, so you can pay back what you owe and not fear for your paycheck or bank account.