IRS Levy

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Understanding the Process

An IRS levy is a legal seizure of your property to satisfy a tax debt. It’s a serious step taken by the (IRS) to collect unpaid taxes. The IRS typically issues a levy after sending a Notice and Demand for Payment, followed by a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (levy notice). If the taxpayer doesn’t respond or arrange to pay the outstanding debt, the IRS can proceed with the levy process.

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Types of Property Subject to Levy

The IRS can levy any property or right to property that belongs to the taxpayer or on which there is a federal tax lien. This includes wages, bank accounts, vehicles, real estate, and even retirement accounts. In the case of wages, the IRS can continuously levy a portion of the taxpayer’s income until the debt is paid off.

Challenges and Appeals

Taxpayers have the right to challenge an IRS levy through an administrative appeal or by requesting a Collection Due Process (CDP) hearing. During the appeal, taxpayers can present evidence, discuss payment options, or propose alternatives to the levy. In certain circumstances, If the tax debt has been fully paid, or if the IRS can no longer enforce the debt because too much time has passed (statute of limitations).

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