| You've been warned...Owing the IRS can be a | | | | when you find out your bank account is frozen. Not |
| stressful experience before the IRS even takes any | | | | only can that be embarrassing, it can prevent you from |
| kind of action against you. When I was with the | | | | paying basic bills like electricity! |
| organization we used to start out small hoping you | | | | Lucky for you...Once the IRS gets as much money as |
| would take action. Once you receive a letter from the | | | | they can from your accounts they'll lift the levy. Of |
| IRS stating that you owe back taxes, you need to do | | | | course by then you're accounts are wiped clean. |
| something right then and there! | | | | How low can your credit go? An IRS Tax Lien is a |
| One little, two little, three little letters...Why is it so | | | | little more insidious. It doesn't directly affect your |
| important to take care of your debt right away? The | | | | money, but it royally messes up your credit! A Tax |
| IRS is the most powerful and aggressive collection | | | | Lien is a black mark on your credit report and there's |
| agency in the Country. And when you get a third letter | | | | no way to remove it until you pay or settle your debt. |
| your time is up. First of all, that third letter is sent | | | | While a Tax Lien is in effect you can forget about |
| certified mail, and if that doesn't identify its importance, | | | | getting any kind of loan, period. |
| the contents of the letter will put the fear of the IRS | | | | And with a Tax Lien on your home you can't sell it, |
| into you. That third letter demands that you pay the | | | | refinance it, or borrow against it. You can't even get |
| IRS or they will put a lien on your credit and/ or levy | | | | the zoning permits to make improvements on your |
| your bank accounts, after that the men in black suits | | | | home. |
| show up at your door. | | | | What's next...You can get help with a lien or levy, in |
| How bad can a bank levy be? When the IRS puts that | | | | fact the IRS may be willing to even lift the liens. |
| levy on your bank account, they are seizing your | | | | However the only way to get those liens lifted is to |
| money to pay the debt you owe. On top of that, you | | | | convince the IRS that the only way to pay your debt is |
| can't access your account while it is levied. Are you | | | | to get a loan or refinance your home. Ultimately the |
| ready for the best part of a bank levy? Take a deep | | | | IRS wants your money, so as long as you can deliver |
| breath before I go any further. The IRS doesn't have | | | | they're willing to work with you. |
| to notify you when they do levy your account. You'll | | | | Now you have the smoking gun...Use it! |
| try to use your bank card or write a check, and that's | | | | |