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The Internal Revenue Service may use a levy to legally seize a taxpayers property to satisfy a Tax Debt. A levy is a legal seizure of property. The Procedure for an IRS levy typically involves the following steps:
(1) Assessment of Tax: The IRS first assesses the tax and sends a Notice of Demand for Payment to the Taxpayer. If the taxpayer neglects or refuses to pay the tax, the IRS proceeds to the next step.
(2) Final Notice of Intent to Levy: The IRS sends a Final Notice of Intent to Levy and Notice of your rights to a Hearing to the Taxpayer at least 30 days before the levy. The notice can be given in person, left at the taxpayer's home or business, or sent to the last known address by certified or registered mail.
(3) Issuance of Levy: If the taxpayer does not pay their taxes or make arrangements to settle their debt, the IRS determines that a levy is the next appropriate action. The IRS may levy any property or right to the property the taxpayer owns or has an interest in. This could include wages, retirement accounts, dividends, bank accounts, rental income, accounts receivables, the cash loan value of life insurance, etc. The IRS could also seize and sell property that the taxpayer holds such as a car, boat, or house.
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