What is a Tax Levy?

What is a Tax Levy? And How to Stop It!

If you owe the IRS money, they're going to start sending you a series of levies; usually, after the third one, you're going to get a notice of Intent to Levy. The IRS is saying that you have not responded to them or haven't made an effort to pay your tax debt. In that case, they are going to pursue what's called a bank levy. They're going to send a letter to your bank saying that they will seize the funds in the bank to use it to pay off your tax debt. So in these situations, there's a small timeframe up to 30 days where you can file a CDP hearing, an equivalency hearing to stop the collections. Potentially, you can set up an installment agreement during this time.

Suppose a revenue officer is assigned to your case. In that case, you need to reach out to the revenue officer, and you may need to submit a financial disclosure to the revenue officer. That's usually for a larger tax debt or tax. That's where the person has been non-compliant and unresponsive for a longer time. But regardless, a notice of intent to levy is very serious. It would help if you took action right away because the IRS can seize money from your bank accounts, and you can wake up one day, and your funds will be gone.

Let me help you solve your tax problems so you can sleep better at night. Schedule your free consultation with me at 201-479-2572 or visit www.201tax.com.

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