Tax Levy Information
What is the purpose of a Tax Levy?
The purpose of a tax levy is to legally seize an individual’s assets and/or property for the purpose of settling a determined debt. While this is somewhat similar to a civil judgement, the IRS does not require a court order to issue a levy. Those who have a levy enforced often are caught off guard when actions are taken against them. Understandably, this can can cause significant financial hardship and complications.
What kind of assets of are vulnerable?
A levy will extend to literally any of your properties or assets. This is including but not limited to, your home, vehicles, land, retirement accounts, pension, cryptocurrency holdings, investment income, rental income, salary, wages, personal bank account, business accounts, or simply any other asset of which your are the legal owner. The IRS can even freeze your bank account. (Note there are some exceptions to what can be
Will I be notified beforehand?
While the IRS will certainly make attempts to notify you, there is no guarantee that you will be notified before action is taken against your property. The IRS will send a Notice and Demand for Payment. This delivery can be in a variety of ways such as to your place of work or your last known address. The IRS will also send a Final Notice of Intent to Levy and Notice of your Right to a Hearing (minimum of 30 days prior).
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How do I Resolve a Tax Levy?
The first and most obvious way to resolve a Tax Levy is to simply repay the debt amount in full. As one can imagine, this is simply not a reasonable option for everyone. Often times, an individual whom has recently been issued a tax Levy cannot afford such a large payment. Lastly, you have the ability to seek help and utilize alternative settlement options to remove a Levy. If the tax levy creates a financial hardship for you, then you can apply to have it removed, as well as apply for other tax debt relief solutions.
How Can Vercy Help?
Vercy Tax Relief is a staff of dedicated professionals seasoned in helping people negotiate federal tax settlements. The right course of action depends on a variety of factors our experts are trained to help you navigate. Vercy handles the administrative portions of your file to maximize turnaround and minimize errors. We maintain constant communication with the IRS on your behalf. Our staff can help negotiate the removal of existing liens and/or levies, help you get back in compliance with the IRS and get your on the road to financial freedom.