Once you owe the IRS money, they become very aggressive in their collection attempts. One of the more common collection methods the IRS uses is the LEVY!
They will use either a Bank Levy or a Wage Levy. If you’re lucky enough to still have a bank account. The Bank Levy 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’ve written 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.
When your problem has gone on for sometime, the IRS doesn’t care, they just want to get paid and they don’t care who pays your taxes.
After the bank has cleaned out all checking and savings account 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 accounts 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.