If you owe a substantial back tax debt to the IRS—and you've ignored previous notifications from the government, or didn't take them sufficiently seriously—you may find yourself with a levy slapped on your assets. What this usually means is the IRS has taken possession of your property (say, an expensive sports car), garnished your wages, or even seized your bank accounts in order to make itself whole.

An Oklahoma taxpayer who has been levied by the government usually is unprepared for the financial crisis this can precipitate. His reduced paycheck may not cover the rent or mortgage, and he may not have recourse to his savings or other bank accounts, which technically belong to the IRS until he settles his back tax bill. In the direst situations, the individual may find himself one step removed from complete financial ruin, facing the loss of his house, his livelihood, and all of his assets.

Does the IRS care? No! The fact is the government wants its tax levy to hurt; this measure is supposed to be punitive, and it wouldn't be a very effective punishment if a person simply could shrug it off and go about his daily business.

The purpose of a levy is to get your complete, undivided attention, and to spur you (hopefully, with the aid of an experienced tax lawyer) to face your problem head-on and figure out a way to discharge your tax bill. Questions? Call the Oklahoma tax experts at Travis W. Watkins, PC (800-721-7054) to learn what we can do for you!

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