IRS Tax Levy

In cases when taxpayers do not pay their unpaid tax debts, a tax levy is enforced by the IRS. An IRS tax levy gives the IRS the right to attach, garnish and seize your assets as payment for your unpaid tax debts.

What is an IRS Tax Levy?

An IRS tax levy may refer to either the garnishment of wages, or the additional assessment of your income taxes and other government fees for social security and the like. It also refers to an imposition by a tax agency, such as the IRS to claim dues by seizing or ridding you of your paycheck, your bank account or selling your assets. The property seizure or the tax levy may commence as fast as ten days following the notice or demand for payment of the taxes and dues owed. As opposed to liens, which only filed against your properties and assets as security for your unpaid tax debt, a tax levy actually rids you of the property in order to satisfy the unpaid tax debt. In most cases, you may do away with a tax levy by strategizing and implementing an affordable tax resolution plan.

What can the tax agency take as a Tax Levy?

Once you fail to make a payment of your taxes or to make provisions to settle your past due tax debt, the tax agency has the right seize and sell whatever type of personal or real property that you hold ownership to or have interest in. The tax agency could rid you of properties such as your car, house, boat, and any other tangible property entitled to you, and sell them to pay your tax debt. Other intangible properties such as those which are yours but are held by somebody else like your wages, dividends, retirement accounts, bank accounts, rental income, licenses, your life insurance's cash loan value, accounts receivables or your commissions, can all be taken as a tax levy by the IRS or the state.

When can the IRS impose their Tax Levy?

The IRS may impose the IRS tax levy upon completing three requirements; first is when your case had been assessed and you were sent a Notice and Demand for Payment; second, when you neglected the notice and refused payment of the tax; and third is when you were sent a Final Notice of Intent to Levy and Notice of Your Right to a Hearing. The final notice is given at least a month before the actual levy, to give you a chance for your case to be reviewed or for you and the IRS to agree upon a different arrangement other than the IRS tax levy. This is your opportunity to retain our tax relief services to release your IRS tax levy and resolve your tax matters with the IRS before they levy your paycheck and wipe your bank account.

When the IRS Levies Your Wages

When the tax agency levies your salary, wages or other federal payments, the tax levy will end upon the release of the levy, payment of your tax debt or when time for the legal collection of tax expires.

Can a levied property be returned?

Your levied property may be considered for return if the tax agency did not follow proper procedure (your property was levied without prior notice), if the tax agency allows you to resolve your tax problem, given that your agreement covers it, if the property can help you pay the taxes, and if returning the property would be for the best interest of the taxpayer and the government. Tax levies may require a greater know-how to get out of, that's why Mike Habib can offer you reliable tax help and assistance for these kinds of tax problems. At, your could deal with these problems more effectively, and you can be sure that your interests are the major priority.