Any bank accounts that are under the taxpayer’s name can be levied by the IRS. This includes institutional accounts, corporate and business accounts, and individual accounts. Accounts that are not under the taxpayer’s name cannot be used by the IRS in a levy.
Levies can impact property and assets other than accounts. However, there are some assets that are exempt from IRS levies. These include personal items under a certain value or clothes and educational books that are essential to the taxpayer and their family. It also includes unemployment benefits, certain pension payments, workers’ compensation, any portion of income required for court-ordered child support payments, and certain disability benefits.