Levies

irs blocks with coins and alarm clock on the tax form

A levy is a legal action by the IRS to seize a taxpayer's property, such as bank accounts, wages, or property, to satisfy unpaid tax debts. The IRS may initiate a levy after other collection efforts have failed or if they believe that the taxpayer is intentionally avoiding payment. The levy provides the IRS with a legal claim to the taxpayer's assets, and the seized property is sold to satisfy the tax debt. The IRS must follow strict procedures and provide notice to the taxpayer before initiating a levy. Taxpayers who have received a levy notice should seek professional tax advice and assistance to address the underlying tax debt and negotiate a settlement or resolution with the IRS. It's crucial to address levies promptly to avoid further negative consequences, including the seizure of assets and financial hardship.

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