What the IRS is saying on an Intent to Levy Notice

Wednesday, February 29, 2012
If you have received a notification from the IRS in regards to IRS intent to levy, then most likely you are already feeling a state of panic. The good news, however, is that the IRS does not hide away from sharing just what an IRS intent to levy is. Therefore, if you have this notification, do not panic, but do take action. What the IRS Defines as a “Levy” Essentially, when you receive an IRS intent to levy, you are being notified that the IRS is obtaining the right to seize your personal property in order to satisfy an outstanding tax debt. It is important to understand that a levy is not a lien. In the event you make no attempt or default on an arranged payment situation for your tax bill, the IRS intent to levy can seize property to satisfy it. Some of these items can include: • Personal property such as a car, boat, house, etc. • Wages, social security benefits, retirement accounts, bank accounts, etc. Sometimes the IRS is Wrong Not everyone who receives an IRS intent to levy is actually due for a levy process against them. However, the only way to ensure that you are not at fault is to contact the IRS when you receive the IRS intent to levy. Contact the collection agent that is over your case and see what issues have lead to the IRS intent to levy and make sure there is nothing that can be easily cleared, such as already paying your tax bill prior to receiving the IRS intent to levy. The IRS intent to levy needs to be addressed within 30 days of receipt. Issues that will allow you to dispute an IRS intent to levy are: • You are in the process of a bankruptcy • There was an error in the IRS intent to levy procedure • The statute of limitations on your tax bill has expired and therefore the IRS cannot collect even with a IRS intent to levy notification • You were not given ample time to assess your own tax due when receiving the IRS intent to levy • You are ready to set up payment arrangements • You are able to make a spousal defense for your case The IRS Intent to Levy is Already in Action Just because the IRS intent to levy is already taking place doesn’t mean your personal property is no longer safe. You can still lift the IRS intent to levy process by taking action. Call your IRS collections officer to discuss a payment arrangement or pay the balance in full, which will release any accounts and personal property that has not already been sold to satisfy your debt. Remember, that by law, if the IRS intent to levy has seized your bank account, they have to wait 21 days to actually remove the funds. Therefore, you can take the proper steps to pay off your balance or set up a payment agreement in order to seize any further collection and release your accounts. If you are unsure how to handle your IRS intent to levy notification, the tax professionals at My Tax Attorney can help. With offices located in the heart of Los Angeles, California, you will find a professional who is familiar with a levy and help get your personal property back to you. Need more information from the government and IRS about bank levies? Check out what the IRS says about a bank levy. Find out the difference between a bank levy and a federal tax lien. For more information, read about the bank levy procedure from Wikipedia. You can also find what your local state has to say about a tax levy by using your state and bank levy as a keyword to search Google. You can also visit the local Beverly Hills Bar Association.