IRS Tax Levy

If you have IRS issues consisting of tax debt, you will receive notice of a tax levy. The back taxes you owe can be settled through a levy.

Your properties will be seized through this tax levy.

Before the IRS can actually seize your assets these three things have to happen: 1) You get a Notice of Demand for payment; 2) You refuse to settle the taxes in full; 3) You get a Final Notice of Intent to Levy at least 30 days before the actual levy takes effect. Assets that can be seized are:

• Bank accounts, checking or savings
• Your house, vehicle and/or boat
• Wages, including commissions
• Life insurance
• Accounts receivable, contracts, and securities
• Inheritance
• State income tax refunds
• Social Security benefits
• Veterans retirement pensions
• Interest in partnerships

Obviously, seizure of any of these will be financially and emotionally stressful for you and your family. If the stress involved with IRS issues is already burdening your family, a tax levy will just add to this stress.

You start resolving your IRS issues today with the assistance of a qualified IRS Problem Resolution professional. It's necessary to respond to a tax levy notice. A tax levy can be released and your IRS problems can be resolved through some options. They include:

• Full settlement of taxes, with penalties and interest
• Expiration of the statute of limitations
• If levy is released, taxes can be collected
• Installment Agreement
• It is determined that the levy will cause financial hardship
• Assets levied are proven to be more than what you owe, so part of it will be released
• Filing bankruptcy
• An Offer in Compromise is submitted