Among our many duties to customers, WATAX is focused on monitoring and researching our client's records with the IRS. We get alerts from the IRS and work to keep our clients informed about activity on their accounts. Behind the scenes and not explicitly on any IRS letter you receive, the IRS posts this on your transcripts:
Before you freak out thinking about getting levied, it's good to know that this "first levy" alert doesn't take effect immediately. In fact, it can take months for the levy to come thru!
But... by knowing it's on your transcript this give you the opportunity to come up with strategy to prevent the levy: a livable payment plan, Offer in Compromise, hardship status or perhaps even in pay in full with a penalty waiver.
What type of cases reach levy status? Our previous blog shows the types: What IRS accounts get levied?
