An IRS collection action can turn a tax problem into an immediate financial crisis.

A bank levy can affect funds in your account. A wage levy can reduce your take-home pay. A federal tax lien can affect the government's legal claim against your property.

If you're facing one of these actions, understanding what happens next is critical.

A federal tax lien generally establishes the government's legal claim against a taxpayer's property when qualifying federal tax debt remains unpaid.

A levy is an actual collection action used to take property or rights to property to satisfy a tax debt.

A levy may involve:

• Bank accounts 
• Wages 
• Certain other assets 

These are very different from one another, and the appropriate response depends on your circumstances.

We review IRS notices, account transcripts, collection status, and the circumstances surrounding the lien or levy.

We identify potential resolution strategies and determine what options may be appropriate.

When authorized, we communicate with the IRS and assist with collection matters.

We work toward an appropriate resolution designed to address the underlying tax liability and collection issue.

Time can matter.

If the IRS has issued a bank levy, there may be specific procedures and timelines that apply.

Rather than guessing what to do, seek professional guidance and understand the status of your case.

An IRS wage levy can have a significant impact on your household budget.

Depending on your circumstances, potential strategies may include addressing the underlying tax debt through an installment agreement, hardship status, Offer in Compromise, or another appropriate resolution.

Under certain circumstances, the IRS can levy funds in a taxpayer's bank account after following required collection procedures.

Yes. The IRS can issue a wage levy in qualifying circumstances.

Depending on the circumstances, a levy may potentially be released, including in situations where the underlying liability is resolved, or other applicable requirements are met.

If you're facing an IRS levy, lien, or wage garnishment, ProTax Advantage can help you understand your situation and potential options.

Schedule a confidential consultation today with Tammy Graham, MSA, EA.