Wage / Bank Levy Releases
A common way for the IRS to collect back taxes is through a wage or bank levy. A wage levy will take a large portion of the employees paycheck directly from the employee before they receive their paychecks. The IRS will get paid directly from the employer when a wage levy occurs. A bank levy on the other hand, requires the bank to hold 100% of available funds for 21 days. After 21 days, the bank is required to send the funds to the IRS and the taxpayer will never see the money again. If you receive a notice of a wage or bank levy, you need to contact a tax professional immediately.