-Allows the IRS to present your bank with a piece of paper that requires the bank to immediately withdraw all the money you owe the IRS. Many times these bank levies are wrong, but the IRS may not know they are wrong and it’s up to you to correct the problem. Meanwhile, the checks you’re writing are bouncing all over town. The worst thing about the IRS Bank Levy is that it may capture your children’s, parent’s, girlfriend’s or spouse’s bank account, if your name happens to be on the account. Even if it’s just on there for convenience. After the bank has cleaned out all checking and savings accounts with your name on them, they send the money to the IRS. You should take this as notice that the IRS will issue another Bank Levy against you in the future to satisfy any remaining amounts owed to them. It’s kind of like hitting the lottery for the IRS, once they find out how to get your money, they will continue taking your money by issuing more bank levies.