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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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what type of leveis do they file,i own no house,my car is still

Resolved Question:

what type of leveis do they file,i own no house,my car is still being paid for
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.

Hello again JA Customer,

 

They would not typically file a lien on a car because the values are normally too low for them to worry about.

 

If you do not own a home or other real estate, then the other types of levies they would pursue would be a garnishment on your wages for anyone you work for during the 10 year period of time they have to collect the taxes that are due. If you are self employed, they can demand a list of your customers and require that your customers send any payments directly to the IRS rather than to you. They can also place levies on any bank accounts that you have. If you receive any type of benefits such as pension or SS benefits, those benefits can also be levied.

 

 

Thank you JA Customer

 

 

Customer: replied 4 years ago.
what does a levi against a bank account nean,i wont have control over my checking account?
Expert:  Merlo replied 4 years ago.

Hello again JA Customer,

 

The IRS can send a levy to your bank, much the same as they could send a notice of garnishment to your employer. Once they do that, the bank is obligated to freeze all the funds that are in your account and send those funds to the IRS. Any future deposits you continue to make to that account would also be frozen and sent to the IRS.

 

 

Thank you JA Customer

 

 

Customer: replied 4 years ago.
what time frame is this,i have not been sent anything about levis,does that mean i can no longer have a bank account
Expert:  Merlo replied 4 years ago.

Hello again JA Customer,

 

There is no set time frame as to if or when this may happen. And you would not be sent a notice ahead of time that this is what they intended to do. If the IRS decides to place a levy on your bank account, they would simply send a notice to the bank and you would also receive a copy. But by that time it would be too late to stop the levy. The bank is obligated to freeze the account.

 

As far as whether or not you can continue to have a bank account, that is entirely up to you. You just have to understand the risks involved. Any bank account that you have can be subject to this type of levy.

 

 

Thank you JA Customer

 

 

Customer: replied 4 years ago.
would they first send a leter to garnish wages,or put a lean on assests,once they see i have no assests,would they then do the levi on the bank account
Expert:  Merlo replied 4 years ago.

Hello again JA Customer,

 

They have no particular order in which they place liens or levies, so it would be impossible to tell you which of these may occur first.

 

In most cases, the bank account would be the first thing they would place a levy on, because any cash in your bank account would be readily available to them. They are also most likely to garnish your wages before looking for other assets that you own.

 

 

Thank you JA Customer

 

 

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and 4 other Tax Specialists are ready to help you

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