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Wage Garnishment is one of the most crippling consequences of unpaid taxes. This occurs when the IRS sends a notice to your employer, forcing them to withhold most of your earnings to satisfy the tax debt that you owe. Once the wage garnishment begins, until the tax debt is paid in full, the IRS has the power to leave you with very little money after they seize your wages. Your employer has no power to stop the garnishment. This may also lead to seizing your bank accounts, also known as a bank levy.

An IRS bank levy is a seizure of your bank account. Any asset can be levied but the most common are cash assets, such as your personal and business bank accounts. Your money can be gone overnight. The bank levy usually occurs after several notices of intent to levy, followed by a final notice to levy. The IRS can seize bank accounts, equipment, investment accounts, and accounts payable. Read More When the IRS levies a bank account, the bank is required to freeze whatever amount is available in your account that day (up to the amount of the IRS levy) and send it to the IRS within 21 days, unless notified otherwise by the IRS. Therefore, the sooner you call FORTUNE Tax Management, the sooner we can ensure the IRS cannot get their hands on your hard earned money.

A Federal Tax Lien is the government’s claim against any property that you own or that you come into possession of while you have an outstanding debt. If you have an IRS tax lien filed against you, you will not be able to get it lifted until you resolve the tax matter. Federal Tax Liens can damage your credit and make it difficult to obtain new lines of credit. Additionally, a Notice of Federal Tax Lien is a matter of public record, so your creditors and anyone you know can learn about your problems with the IRS. Read More However, you can avoid an IRS tax lien because there is a sequence of events that take place before the IRS can impose that lien. Most importantly, the IRS must send you a Notice of Demand for Payment allowing ten (10) days after that date of notice to send in your tax payment or make arrangements to pay. FORTUNE Tax Management can help if you have not made payment arrangements and the IRS has filed a lien on your credit report, real estate, equipment or any other valuable assets.