IRS Levy - IRS Tax Levy Relief & IRS Bank Levy Help - Call For Free Consult 1-877-658-3477 |
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IRS Tax Levy OverviewIf an individual taxpayer fails to address their outstanding tax debt, the IRS may levy their assets. The personal assets collected will be sold and the proceeds utilized to settle the taxpayer's underlying debts. Tax Levy vs. Tax Lien A tax levy differs from a tax lien. When the IRS places a lien on an individual taxpayer�s property, they are claiming a security interest in that asset for the purpose of addressing underlying tax debts. Tax levy refers to a legal process whereby the IRS seizes and sells a taxpayer's assets in order to settle their tax debts. Both methods can be utilized by the IRS to collect on outstanding tax debts. |
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Which Assets can be Levied? A variety of taxpayer properties may be seized in a tax levy, including:
Before a tax levy can be assessed, several requirements must have been satisfied. First, the IRS must have delivered a Notice of Demand for Payment to the taxpayer, outlining the total tax owed. Second, the taxpayer must fail to respond to this notice. Last, a Final Notice of Intent to Levy and Notice of Your Right to a hearing must be delivered to the taxpayer. If the taxpayer fails to respond to these notices, the IRS can assess a tax levy. If you have received a tax levy notice and have questions or concerns, please contact one of our tax professionals today for more information. Our phones are answered 7 Days A Week! For more information about your IRS Levy, contact one of our tax professionals at 1-877-658-3477. |
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