IRS Wage Garnishment

     If you're wondering what an IRS wage garnishment is or how they will impose a levy -it's just another way that the IRS will use to collect any back taxes that you owe. And they'll do whatever they can to collect that garnishment! The terms garnishment and levy basically mean the same thing when it comes to the IRS seizing your assets. Remember, not only can they seize your property and your vehicles, but they will try to garnish your wages as well. Your wages, bank accounts, CD's, are usually the targets, but it can also apply to the seizure of your home, equipment, furniture, or other possessions of value. Usually, some sort of value of these items will be exempted.

One important thing to remember is that the IRS does need a court order to garnish assets and wages and you will receive a letter informing you that this is about to happen.

The process usually works like this: After the proper paperwork is file in court, a levying officer, usually a Sheriff or a Marshall will physically go into the bank (or your employer) and submit the levying papers. At that point, if it's a bank levy, your account is then frozen. If it is an employment wage garnishment, then the employer has no choice but to withhold part of your paycheck. You do have a certain amount of time to file a claim of exemption.

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