Keith Jones, CPA Newsletter
What is an IRS Levy
The IRS Issues Millions of Tax Notices Yearly
An IRS levy permits the seizure of property to satisfy a tax debt including garnishing wages, taking money in your bank account, taking & selling real property.
A tax levy is a legal seizure of your property to satisfy a tax debt when you owe money to the IRS. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt.
A levy takes the property to satisfy the tax debt and the IRS most often levies your bank account for whatever amount of money you have in the account after several attempts to collect.
Where does Internal Revenue Service (IRS) authority to levy originate?
The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax. See IRC 6331. Any property or right to property that belongs to the taxpayer or on which there is a federal tax lien can be levied.
What is a Levy?
A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy takes the property to satisfy the tax debt.
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