I've been putting money into a CD for my son. If the IRS levies my bank accounts can they take that money too?
The IRS can take any money from any account you have your name on. So unfortunately the IRS can seize the money you've been saving for your son.
All of my bills are automatically withdrawn from my bank account each month. If the IRS were to levy my account would those bills still get paid?
When the IRS levies your bank account, they freeze your funds for 21 days before they withdraw their due. Any bills that you have between the dates during those 21 days won't get paid. In fact you may even get hit with a “insufficient funds" fee.
Are there any kinds of accounts or investments that the IRS can't levy from?
The following can not be levied by the IRS: Life Insurance, Scholarships or Grants, Worker's Compensation, and Benefits received from the Department of Veteran's Affairs.
The IRS is already garnishing my wages. Can they levy my bank account too?
While the IRS can levy both your wages and your bank accounts they tend not to. The IRS wants your money, but they do have to leave you with just enough to live on.
Can the IRS levy my bank account more than once?
Absolutely, the IRS always keeps tabs on your financial situation when you owe them money. So once you've built your bank account back up they can levy the account again. Hopefully though you learned your lesson if you had your account levied once and are working with the IRS to pay off your debt.
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