The federal tax code is a massive body of laws and regulations that many find confusing and overwhelming. Of course, many professions were created to assist the public with their taxes—accountants and tax attorneys, for example. Many taxpayers get behind on their tax payments, and, in these cases, the IRS may issue a levy or
Levies
How IRS Interest is Calculated
The IRS has many different penalties they can place against taxpayers if they believe you have a balance due after tax day. If you find yourself with a large balance due to the IRS, FTB, EDD, or SBOE, these agencies will impose high percentage penalties on the balance due, and they may begin garnishing your
What is an IRS Levy?
As per the Internal Revenue Service (IRS) website, “[a] levy is a legal seizure of your property to satisfy a tax debt.” See Internal Revenue Service, Levy, available at https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Levy. A levy is more drastic than a lien; a lien is merely placed on a debtor’s assets as security in the collection of the underlying
Property Exempt From an IRS Levy
When a tax debtor is unable to meet his or her federal tax obligations, one of the remedies that the Internal Revenue Service (IRS) has at its disposal is the ability to levy on the assets of the debtor in order to satisfy that tax obligation. However, despite the general rule that all property and
Levy Release and Conditions for Levy Release
The ability to levy on the assets of a tax debtor that has failed to meet his or her federal tax obligations is one of the major enforcement remedies the Internal Revenue Service (IRS) has at its disposal. Generally speaking, levies that are not continuous wage levies and is served prior to the expiration of
Transferee Liability: Avoiding a Levy
Transferee liability situations can arise where a taxpayer transfers assets to another (the “transferee”), while owing taxes to the Internal Revenue Service (IRS), and the the IRS pursues those transferred assets in order to satisfy the transferor’s tax obligation. A transferee can be an heir, a recipient of a gift, or a shareholder of a
Jeopardy Assessments and Jeopardy Levys (IRM 5.1.4 and 5.11.3)
The Internal Revenue Service (IRS) has a number of remedies at its disposal designed to further the collection of outstanding tax obligations. Among these remedies is a jeopardy assessment, which occurs where the IRS believes following the normal course of tax collection would result in a loss to the IRS and the government. Under IRC
Bank Levies
When a tax debtor fails to meet his or her tax obligations, the Internal Revenue Service will typically initiate collection proceedings that begin in the form of instituting a levy on the tax debtor’s assets. A levy on the tax debtor’s assets is effectively away to ensure that those assets will be available to the
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