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Video instructions and help with filling out and completing How does the irs seize your car
When the IRS levies the taxpayers bank account that can have an immediate and devastating impact on the taxpayer and the family they can wipe out all of the taxpayers immediate source of cash how does one address this immediately what are the options available where does one turn to for help hi I'm Carrie welcome to tax Bulldog for the best thoughts and ideas for trimming your tax debt in this video I'm going to talk about how to defeat nitrous bank levy how a bank levy works the impact it has on taxpayers how to get it released these videos will help you to help yourself to avoid costly professional fees if your situation has a level of complexity then you may want to consult the tax professional these videos will at least give you an introduction of what to expect and to know when someone is just misleading you in these videos I will make references to links and resources on the web off and I will display them on the screen and I'll put them in the description below if the link is lengthy I'll just list it in the description below if you feel you need professional help see my video on selecting a tax professional to represent you at this link in these videos I'm not going to be able to cover all angles and specs on specifics of every situation this is general in nature and will hopefully guide you to finding more information as you need it I will cover information on States we're at can but there are 50 states and each having their own unique tax laws while I have worked with many states in my many years in this profession they do change at times the information I prin this video is not legal advice and should not be relied upon as such all or portions of this video are copyrighted and all rights are reserved so and to get down to this subject in this video I'm going to discuss what happens when a bank or financial institution account is levied what options are available who does the taxpayer contact for an immediate release I should make it clear as to the difference between a levy and a lien they almost sound alike and it's easy to confuse the two but they are very different from each other a levy is when the IRS takes possession of bank account funds or other property if they take possession of property that is usually called a property seizure a property seizures will be a topic of another video in the near future a lien is when the IRS or state files a notice of secured entry and property the taxpayer owns these are typically filed in the County Courthouse for the county in which the taxpayer lives they don't take possession of the property unless they foreclose on it by virtue of their lien and that really happens.