Appeals Attorney-Client Privilege Bankruptcy Controversy & Relief Employment Tax Foreign Asset Reporting Innocent Spouse Installment Agreements IRS Tax Levy IRS Tax Lien Litigation Offer in Compromise Penalties & Interests Planning Property Seizures Tax Protestors Unfiled Tax Returns Wage Garnishments



Midtown New York City Law Firm



WEBEL LAW, PLLC
535 Fifth Avenue, Floor 4
New York, New York 10017
(646) 373-1055




IRS TAX LEVY




Levied Asset






WHAT IS A TAX LEVY?


You don't want a Tax Levy.

When you can't pay your taxes to the IRS or state tax agency, they'll use a Tax Levy to take your assets forcefully. First, a Tax Levy freezes your bank accounts or other fungible accounts up the levy amount for up to 21 days. Then, if the tax debt is not satisfied, ownership of the bank account, investments, money owed to you by others, or other physical or tangible property to which an IRS Tax Lien is attached can be legally seized and ownership transferred to the IRS.

No formal court or other procedure is required. To facilitate the collection of taxes, the U.S. Congress has authorized the IRS to seize and take ownership of property to collect delinquent taxes. State legislatures have passed similar provisions allowing ogirganizations to collect delinquent tax debts in each state.

To clearly differentiate Liens from Levies, an IRS Tax Lien secures payment of a tax debt, whereas an IRS Tax Levy transfers ownership of your property to the IRS. Your assets are then sold at public auction, and the funds are used to pay your tax debt.







WHAT ASSETS DOES A TAX LEVY TRANSFER OWNERSHIP?


Tax Levies give the IRS the power to transfer ownership of property owned by the taxpayer regardless of where the property is located.





WHAT'S REQUIRED FOR THE IRS TO LEVY ASSETS?


The IRS's procedural requirements are detailed in section 6631 of the Internal Revenue Code. The IRS is required to:
  • Asses the tax and sent the delinquent taxpayer a Notice and Demand for Payment
  • Taxpayer must be delinquent in paying
  • At least 30 days prior to levying, the IRS must send a Final Notice of Intent to Levy and Notice of Your Right to A Hearing
  • IRS sends notification that IRS may contact third parties regarding the determination or collection of tax liabilities.






CAN I GET TAX HELP?


We help taxpayers clear their tax problems, including IRS Tax Liens. Our legal and tax education, knowledge, and experience have prepared us well to represent you before the IRS and other tax agencies. Call us for a free phone conference on your tax issue.