A levy is a legal seizure of your property to satisfy a tax debt. The IRS can actually take the property to satisfy the tax debt.

If you do not pay your taxes, the IRS may seize and sell any type of real or personal property that you own or have an interest in. The IRS can:

1.    Take property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

2.    Take and sell property that you hold such as house, boat, or car.

The IRS has 3 requirements before they can levy:

1.    The IRS assessed the tax and sent you a Notice and Demand for Payment;

2.    You neglected or refused to pay the tax; and

3.    The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.

The most common levies are bank levy and wage levy (or wage garnishment).

There are ways to resolve levies that a professional, such as a CPA, can do. This is why we are here to help you. Give us a call for a free consultation! We are interested to hear your unique case and help you get back to you normal life. Call us – 1 (424) 278-4838.

- We are CPAs, tax accountants, tax preparers, business managers and consultants based in Torrance, CA near Los Angeles, serving the entire U.S. See us at Google+, Yelp, Google Brand, Yelp. Call us at (424) 278-4838 or e-mail us at This email address is being protected from spambots. You need JavaScript enabled to view it..