Is the IRS threatening to seize your bank account and take your money out of the bank.

Levies can really do a lot of damage and even ruin your life.  A levy is the IRS's way of getting your immediate attention.  What they are saying is, we have tried to communicate with you, but you have ignored us.  Levies are used to seize your wages and whatever other assets you have.  If you own it, they can take it.  That includes checking accounts, autos, stocks, bonds, boats, paychecks, and even Social Security checks!

Imagine waking up one morning and finding all your bank accounts have been cleaned out.  They will take every dime.  If this amount did not cover what is owed, they will keep taking your money until you cover your tax liability.  They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems.  However, they do not care!  Their sole objective is to collect the taxes owed.  Period.

As bad as that is, a worse method is a wage levy (or garnishment).  That is when most of your paycheck goes to the IRS, they do not leave you enough to pay the bills, and most of your check goes to the IRS every week until the debt is paid.

If that does not accomplish what they want, they will pull out all the stops.  They will seize your assets, and sell them at auction.  That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance policies, retirement funds, anything of value.