There are a number of ways to release an Internal Revenue Service (IRS) tax levy, the most obvious being to simply pay off the outstanding tax obligation. Of course, that option remains unavailable to many people, but there are a number of other ways to release a levy that many tax debtors might find advantageous.
irs levy release
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