The IRS is asking lawmakers to expand its continuing levy powers.  There are 2 types of levies: continuing and non-continuing.  The IRS wants more power in the continuing levy department because it is the easiest way for the government to collect.

Non-continuing levies are usually bank levies.  That means that when a levy hits a bank, the account is frozen from that moment in time and the bank must forward the funds in the account on that day to the IRS in 21 days, unless the bank receives a release directly from the IRS. 

On the other hand, the IRS has the power of continuing levies for wages, salary and federal payments such as social security.  In other words, once this levy hits, certain exemptions may apply, but the money is forwarded by the employer or federal agency holding that money on a recurring basis until a liability is satisfied.

The IRS has now asked Congress for more continuing levy collection power in four new categories: 1) royalties; 2) rents; 3) nonemployee compensation; and 4) fishing boat proceeds payable to crew members.

                                                          Congress, we need...more...power!

Congress is likely to indulge the IRS in its requests for more levy power.  If you are facing a levy of any kind, don't go it alone.  Call Oklahoma tax lawyer, Travis Watkins, at 405-607-1192 today to assert your rights.  Most of these rights are time sensitive.  In other words, there is no time to wait!

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