A Federal tax levy is the seizure of your property or bank account by the IRS to satisfy a tax liability. Having an IRS levy placed on your property or bank account can be financially and emotionally devastating for a small business owner or family.
If you take no action, the bank is required by law to freeze your assets and give control to the IRS. When that happens, your property will be foreclosed, or your bank account seized.
Santillán Law Firm, P.C. can either: (1) Request a period of up to 90-days where the IRS will not contact you (called a Stay of Collection). The stay of collection will give you the ability to attempt to negotiate a better settlement for you; or (2) File a Bankruptcy Petition to stay collections if the IRS fails to voluntarily stay proceedings. The filing of a Bankruptcy petition stays all collection proceedings under Federal Law and grants the taxpayer a 3 – 5 year period to pay the non-dischargeable tax debt in full without incurring any future interest or penalties.