IRS Levy
An IRS levy is an aggressive means used by
the IRS to collect tax debt. The IRS can seize money from
your bank account, a portion of your wages and property which can
include your home, car or any other possession of value. One
the IRS places a levy upon you, it can be extremely difficult to
get those assets back.
The IRS will usually use a levy after the
following three requirements have been met: 1. They
assessed the tax and sent you a "Notice and Demand for Payment."
2. You neglected or refused to pay the tax. 3. They
sent you a "Final Notice of Intent to Levy and Notice of your
Right to a Hearing" at least 30-days before the levy. This
final notice can be in person or by mail.
If you have a levy which
has been issued by the IRS, it is best to talk to a qualified tax
professional. If the IRS places a levy on you, the levy
will end once you pay your tax debt or the time expires for
legally collecting the tax. A tax professional can help you
deal with the IRS and get your life back on track!
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