IRS Collections and Your Bank Account: What You Need to Know

Episode Summary In this episode of Resilience and Resolve, tax attorney Lance Drury explains how IRS bank levies work, the differences between levies, liens, and garnishments, and what steps taxpayers can take to stop or reverse a levy. Lance also reveals strategic ways to delay IRS collections, protect assets, and avoid financial hardship. Whether you’re facing IRS actions or simply want to understand your rights, this conversation provides valuable insight into navigating complex tax collection issues. Key Timestamps 00:22 – What is a bank levy 01:07 – Bank levy vs. wage levy 01:46 – Levy, lien, and garnishment explained 03:43 – IRS notices before a levy 05:01 – Using hearings to delay IRS collections 06:47 – Can the IRS take everything in your account 07:48 – Financial hardship and lifting levies 09:04 – Can a levy be reversed 09:29 – Multiple levies and wage garnishments 10:24 – Are any accounts protected from a levy 12:32 – Real case: IRS property seizure avoided 13:37 – Steps to stop a levy before it hits 14:17 – How a tax attorney can help About the Show: “Resilience and Resolve with Lance Drury” provides practical legal insights into IRS matters, tax law, and financial defense strategies. Each episode explores timely and complex tax issues with real-world examples and expert analysis from Lance Drury and his experienced legal team.