IRS Tax Levy: Overview and Useful Links
An IRS tax levy is when the IRS seizes your property to cover a tax debt. Levies are incredibly serious, and once the IRS starts taking your assets, the agency will continue to take them until the entire debt is paid off. To avoid or stop a property seizure, you need to understand how tax levies work. Check out the following links to learn more.
A levy is the seizure of assets to cover an unpaid tax liability. This link explains how the IRS places levies. It also looks at what can be taken and what to expect throughout the process.
Before the IRS places a levy, it sends a notice to the taxpayer. You usually receive this notice if you have completely ignored previous IRS balance due notices. You have 30 days to respond. Here’s a look at your options and a few tips on how to prevent the tax levy.
To stop an IRS tax levy, you need to know your rights. This link takes a look at ways to stop the tax levy from going into effect.
Once a tax levy has gone into effect, the IRS will continue taking assets until the tax debt is satisfied. However, if you come to an agreement with the IRS, the agency will usually release the levy. The solutions vary based on your situation.
There are many different situations in which you may be able to appeal a tax levy. If the appeal is successful, the IRS stops the levy and does not take any of your property.
The IRS has broad powers to seize the property of a taxpayer who didn’t pay their tax obligations. Understand how IRS seizures work, what can be seized and how they can be stopped.
Questions and answers to commonly asked questions about IRS tax levies and asset seizures.
We can help you resolve your tax levy. Connect with a professional for your situation, and they act quickly to minimize the impact on your personal assets. Here’s a closer look at the details.