Complete Guide to a Tax Levy!

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Complete Guide to Tax Levies

What is a Tax Levy?

What is a Tax Levy?

A tax levy is when the IRS goes about taking property and any type of asset from a person to pay for that person’s outstanding tax bill.  This only happens in cases that a person has failed to pay the tax debt and they have set up an agreement with the IRS as well.  The tax levy is then used as the strongest mechanism by the URS to go about getting what they believe is owed to them, and this is something that goes far beyond the rights of any other creditor by far.  This is something that only the IRS can do in terms of collecting a debt in the United States.

Can the IRS Levy Your Assets?

The short answer is Yes.  By the time that the IRS begins to levy your assets that will have sent you numerous notices and demands to pay the tax debt.  They must first do 3 things before they begin to seize your assets, however, and these are;

  • Sent you a notice demanding payment for your tax debt.
  • You failed to pay the arrangements made and ignored the notice.
  • The IRS has sent you a notice of “Intent to Levy” and has given you 30 days to appeal or respond to it.

After the 30 days has passed, the IRS can now begin to take your assets as they wish.  To avoid this, you need to contact the IRS to appeal or have a tax professional do this for you.

The Complete Guide to Tax Levies

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