The Internal Revenue Service (IRS) has the power to levy on a tax debtor’s assets in the event that a tax debtor fails to remit to the IRS taxes previously assessed 30 days after receiving a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice). However, there are
dispute irs levy
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. 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 tax debt.
Property Exempt From an IRS Levy
When you get an IRS Levy Notice you should be aware. 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
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
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 a effective way to ensure that those assets will be available to