- Instructor: Attorney Bob Schaller
- Lectures: 3
- Quizzes: 1
Levy Protection Afforded by Installment Agreements.
Installment agreements are employed to shield taxpayers from the IRS’ dreaded levy apparatus while paying back-taxes through a systematic repayment plan. The IRS’ most lethal collection weapon is the feared LEVY. The IRS uses the levy as a sword against taxpayers by seizing taxpayers’ money in checking accounts, savings accounts, investment accounts; seizing and selling vehicles and other personal property; seizing and liquidating homes and other real property; and intercepting tax refunds. The IRS levy also garnishes taxpayers’ wages continuously until the tax liability is fully paid.
Thankfully, taxpayers can utilize the IRS’ installment agreement program as a shield to defend against this lethal collection weapon. Before installment agreements are discussed in detail (see future courses), taxpayers must understand the defensive power of installment agreements to block IRS bank levies, asset seizures, and wage garnishments.
Overview of Levy Protections Associated with Installment Agreements