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An IRS tax levy is a legal action taken by the Internal Revenue Service to collect taxes owed by an individual or business. It involves seizing assets such as bank accounts, wages, property, and other valuable possessions to satisfy the tax debt.
If you owe taxes and have ignored multiple notices from the IRS, you may receive a Final Notice of Intent to Levy. This notice gives you 30 days to pay or make arrangements for payment before the IRS initiates a levy.
If a levy is placed on your bank account, your funds will be frozen and seized. It’s important to note that the IRS can levy up to 70% of your wages or any other income source. This can have severe financial consequences, making it difficult to pay other bills, purchase necessary goods, or even keep up with day-to-day expenses.
It’s important to take action immediately if you receive a Final Notice of Intent to Levy. Consult with a tax professional to explore available payment options, such as an Offer in Compromise, Installment Agreement, or Currently Not Collectible Status. Ignoring the notice will only lead to more serious consequences, including further legal action and financial stress.
