The IRS Is Threatening to Seize Your Assets — Here’s How to Stop It
IRS Levy Defense | Enrolled Agent Peter Kici | Same-Day Consultations Available
An IRS levy gives the government the legal authority to seize your bank accounts, garnish your wages, take your retirement funds, and seize physical property — all to satisfy an unpaid tax debt. If you’ve received a Final Notice of Intent to Levy, you have rights — and you have a window to act before the seizure happens.
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What Is an IRS Levy?
A levy is the IRS’s legal seizure of your property to satisfy a tax debt. Unlike a lien — which is a legal claim against your property — a levy is an actual taking. The IRS can levy:
- Bank accounts — The IRS contacts your bank directly and freezes funds. You have a 21-day window before the money is sent to the IRS.
- Wages and salary — The IRS notifies your employer, who is legally required to send a portion of every paycheck directly to the IRS.
- Social Security benefits — The IRS can garnish up to 15% of your Social Security payments.
- Retirement accounts — IRAs, 401(k)s, and other retirement funds are not protected from IRS levies.
- Accounts receivable — For business owners, the IRS can intercept payments owed to you by clients.
- Physical property — In serious cases, the IRS can seize and sell vehicles, equipment, real estate, and other assets.
How the IRS Gets to a Levy
1. Tax Assessment and Bill
The IRS assesses a tax and sends you a bill — typically a CP14 notice. This is your first indication that you owe money.
2. Escalating Demand Notices
If the bill goes unpaid, the IRS sends escalating notices — CP501, CP503, CP504 — demanding payment with increasing urgency and consequences.
3. Final Notice of Intent to Levy (LT11 / Letter 1058)
This is the critical notice. Once you receive this letter, you have 30 days to request a Collection Due Process (CDP) hearing. This is your legal right and it puts a hold on levy action while your case is reviewed. Miss this window and the IRS can levy immediately.
4. The Levy
If no action is taken, the IRS issues the levy. For bank accounts, you have a 21-day holding period — a final window where we can often still intervene.
How We Stop an IRS Levy
Collection Due Process (CDP) Hearing
If you’ve received a Final Notice and are within your 30-day window, we file for a CDP hearing immediately. This legally suspends levy action while we negotiate a resolution on your behalf with the IRS Office of Appeals.
Installment Agreement
In many cases, the IRS will release a levy when a taxpayer enters into an approved installment agreement. We negotiate the terms directly with the IRS Collections Division to stop the levy and establish a payment plan you can manage.
Offer in Compromise
If you genuinely cannot pay your full tax debt, an Offer in Compromise may allow you to settle for less than you owe. Submitting an OIC puts collection activity on hold while it’s under review.
Currently Not Collectible (CNC) Status
If your financial situation makes it impossible to pay anything right now, we can petition the IRS to place your account in Currently Not Collectible status — which suspends all collection activity including levies.
Hardship-Based Levy Release
The IRS is required to release a levy if it’s causing economic hardship — meaning you can’t afford basic living expenses. We document your hardship and present it to the IRS to secure a release.
The 21-Day Bank Account Levy Window
If the IRS has already levied your bank account, you still have time. Banks are required to hold levied funds for 21 days before releasing them to the IRS. This gives us a narrow but real window to negotiate a release. If you’ve just discovered an IRS hold on your bank account, call us immediately — every hour matters.
Frequently Asked Questions — IRS Levies
Can the IRS take all the money in my bank account?
The IRS can levy the full balance in your account at the time of the levy. New deposits after the levy date are generally not affected by that specific levy, though the IRS can issue additional levies.
How long does it take to get a levy released?
In many cases we can secure a levy release within 24–48 hours of engaging with the IRS, particularly when we can demonstrate an agreement or hardship. The sooner you call us, the faster we can act.
Can I stop a levy myself?
You can try, but the IRS Collections Division deals with thousands of cases daily and is trained to collect. Having a licensed Enrolled Agent represent you means we know the procedures and protect your rights throughout the process.
What happens if I ignore a levy notice?
The levy proceeds. The IRS seizes whatever it has authorized — bank funds, wages, property — and applies it to your debt. Ignoring it removes your ability to intervene before the seizure happens.
Act Now — Time Is the Most Important Factor
With IRS levies, every day counts. The later you wait, the fewer options you have. If you’ve received any IRS notice mentioning a levy — or if your bank account has already been frozen — call us right now.
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Peter Kici, EA is federally licensed by the U.S. Department of the Treasury to represent taxpayers before all levels of the IRS, including the Collections Division. Tax Debt Relief Group serves clients in all 50 states.
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