Form 668A -  Notice Of Levy

Once your financial institution receives a form 668A, you should realize that the IRS is attempting to seize the full amount that you owe them. The levy is charged against your bank account or other sources. It is possible for you to obtain a payment plan and have the levy lifted. I suggest that you seek to hire professional representative, such as a CPA, for this purpose. We have helped many tax payers when their money was levied via a the form 668A. With our knowledge and experience, we usually can stop a levy from actually happening. The financial institution has 21 days before they have to send the money to the IRS. Please call us at 713-774-4467.

It's Important to note that an IRS Notice of Levy is not an actual levy. There is no court order involved. That is probably why I have not heard of the IRS taking actions against financial institutions, and employers when they get a 668W. Many banks and employers go overboard in pleasing the IRS out of their own fear.
I have even seen banks not follow the rules concerning  the one time nature of this levy. On the back of the levy it states that this is a one time, not continuous levy. It is for funds on hand the day it is received only. I had a real estate client who had to switch jobs because his employer got a 668A levy on his commissions. None were owed. The following week he had a closing, and would receive commissions. I tried to explain to his employer that the new commissions did not have to be held for the IRS and to read the back of the levy. It's amazing how some people can be so afraid of the IRS that it clouds their judgment.

When you receive the form 668A, you should know that the IRS is serious about seizing your assets and they will usually give you a thirty day notice before they actually send the levy. The IRS has to give you a 30 day notice of intent to levy before the actually send out the levy notice.
Some of the assets that are exempted from the levy are:

• Clothing.
• School books.
• 85% of unemployment benefits.
• The property where you are running your business, unless the assistant district director or the district director has given his approval.
• Child support payments ordered by the court.
• 85% of your welfare payments and worker’s compensation.

To have a better understanding of what steps you should take to avoid a levy, or after you have a levy, please call my office at 713-774-4467.

• If you are considering hiring us, call Joe Mastriano, CPA 713-774-4467.
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