A bank levy or wage garnishment is an advanced action by the IRS against a taxpayer after they have received a tax lien. This is most severe because the IRS can take a significant amount of your money and not leave enough for you to pay for basic necessary living expenses. When the levy hits your bank account, the money in your account will be on hold for 21 days. The IRS feels that this is enough time for you to call them regarding your IRS problem. If you can’t satisfy the IRS, after the 21 day period, the IRS will take the money in that account.
If you have just received a bank levy, you must act immediately. Another type of levy is a wage garnishment which may only leave you with a few hundred dollars each month. Again, you will want to move quickly to remove the wage garnishment.