Wage Levy —
Otherwise known as a garnishment, the IRS can levy your wages or accounts receivable and all other sources of income. Whoever is served the levy must comply with the IRS order. Wage levies are filed with your employer and remain in effect until the IRS has notified your employer that the wage levy has been released. These types of garnishments generally are referred to as a continuous levy. Most wage levies take so much money from your paycheck that you will not have enough left over to cover even your basic expenses.
Waiver —
The voluntary surrender of a legal right like the statute of limitations on a tax debt that the IRS may require, for example, in exchange for accepting the terms of an Installment Agreement or an Offer in Compromise.
