Dec 1, 2007

IRS levy and liens - How many are there?

In the early 1990’s the IRS filed many liens and seized many assets of taxpayers. Liens are not as high as the IRS peak in 1992 (over 1.45 million liens filed in 1992 v. 629,813 in 2006). Also, seizures are no longer an IRS threat unless you are a serious target of the IRS.

irs-liens-levies-and-seizures-1992-2006.xls

The IRS has become much more business focused in their collection. Hence, they use the most cost effective approach: the levy. Last year, they issued an all-time high of over 3.7 million levies.

The data is clear. The IRS intends to focus on collecting the tax debt in the most effective manner. If you are subject to a levy, the only way to resolve it is to the pay the tax or resolve your tax debt by other available options.

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