Accounts receivable, notes receivable, and other debts owed to a taxpayer may be levied upon.
Accounts receivable are assets representing money due to a taxpayer for products and services provided on credit.
Example: monies owed to the taxpayer by clients, customers, patients, insurance companies, rental income, funds processed by credit card companies
Consider issuing a summons to the taxpayer's bank for deposited items to obtain information on possible accounts receivable on which to levy.
note receivable is a certain amount loaned to another that is owed and payable at a certain time to the holder of the promissory note.
Example: money loaned to a customer, employee, or officer of the company.
A notice of levy reaches future payments, only if the taxpayer already has a right to them.
If receivables can be sold, consider seizing and selling them.
If you have been garnished, or fear a levy is a possibility, contact Larson Financial immediately because we can usually stop or reverse a levy.
