A tax levy is a legal seizure of your property or assets used to satisfy an outstanding tax debt. If you have unpaid tax debt, the IRS may attempt to seize your assets so they can be sold in order to recoup money due to the government because of your failure to pay the taxes you owe. When this occurs, the IRS will issue a notice to you, informing you that it intends to levy and seize your assets. This notice is called the Final Notice of Intent to Levy and Notice of Your Right to a Hearing.
Once you receive a tax levy notice, you have thirty (30) days to challenge the tax levy or stop the government from seizing your assets by paying the amount of the outstanding tax due in full or by negotiating another form of tax resolution. For example, you may be able to set up an installment plan with the IRS, agreeing to pay what you owe in monthly installments over a period of time. Or you may be able to come to another form of tax resolution by negotiating with the IRS. If you need additional time to figure out how to stop this process, you can file for a “Stay of Collections”, which will provide you with an additional 90 days before the IRS can seize your assets.
Some of the reasons you may be able to challenge a tax levy and have it released include:
- All tax debt owed was paid prior to receiving the tax levy notice.
- The statute of limitations on collecting tax debt expired prior to your receipt of the levy notice.
- You wish to negotiate tax resolution options.
- You were sent the levy notice while you were subject to an automatic stay during bankruptcy.
- You wish to request innocent spouse relief.
- There was a procedural error in an assessment.
If you have been issued a notice by the IRS indicating that a tax levy has been assessed and your assets will be seized, it is best to speak to an experienced tax relief professional to find out what your options are. Tax resolution specialists will be able to provide you with advice on how to avoid seizure of your assets by going over other tax resolution options with you and can also negotiate with the IRS on your behalf to request a tax levy release.
Have You Received A Tax Levy Notice? Contact Us Today!
If you have received a tax levy notice indicating that your property or assets will be seized by the IRS due to failure to pay your outstanding tax debt, call People’s Tax Relief for a free, no-obligation tax consultation at 866-788-8069 or fill out the form on the side of this page and one of our experienced tax specialists will contact you. During this consultation, we will advise you of your options in challenging the tax levy or coming to a tax resolution agreement that will result in a tax levy release.