What is Wage Garnishment?
Wage garnishment is a legal procedure through which some portion of a taxpayers earnings are required to be withheld by an employer for the payment of a debt. Unlike other creditors the IRS has the power to impose a garnishment without approval from the courts.
What is a Levy?
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt. If you do not pay your taxes, the IRS may seize and sell any type of real or personal property that you own or have an interest in.
What Can be Done?
The IRS will collect their monies due by any means necessary. They may take all your assets with a levy or garnish up to 70% of your wages. Our tax resolution firm can negotiate with the IRS to have these lowered or released.