- Right to Appeal: Give you a written notice of the intent to levy and explain your rights to appeal.
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Get comprehensive solutions to monitor and assess every aspect of your IRS levy threat. With the right support, let us prioritize your security by handling complex forms and advocating for your rights, ensuring you stay safeguarded at every step.
What Is an Intent to Levy Notice?
When an Internal Revenue Service intention to levy notice is sent out, it implies that the IRS will eventually seize your assets for unpaid taxes (Section 6331(d)). They send this notice if you have serious tax debt or if you haven’t attempted to resolve it. The notice identifies a tax period and tax obligation. The IRS must notify you of its plans in advance before it can seize your possessions. You may not be deprived of your possessions without prior notice.
According to the law, IRS has to take certain steps as listed below at least 30 days prior to seizing your assets:
- Procedure and Reason behind: Document explaining the reason for the levy, the seizure process, and your options.
- Confidentiality: IRS may deliver the notice personally, leave it at your home or your place of business or send it to your last known address by certified or registered mail, return receipt requested
In the event you want to find out more, our Team of Former IRS agents and attorneys is ready to assist!
What can the IRS take if you don't pay your taxes?
- You own property (such as cars, homes, and personal property)
- funds in bank accounts
- Employment Wages
- Vendor or Contractor payments that are due to you
- Retirement benefits
- Employee Travel Advances
- Your commissions
- Government retirement benefits from the Office of Personnel Management (OPM)
- State income tax refund or state tax refund
Beyond the bare necessities, the IRS can take virtually anything you own. Remember, you can leave the IRS with little. Publication 1494 explains how to calculate the amount of income that is exempt from levy. It considers your filing status, pay frequency, and the number of exemptions you claimed on your most recent tax return when calculating whether your income is exempt.
What exactly is IRS Notice of Levy?
An IRS notice of intent to seize your assets is also known as an IRS notice of levy. This letter informs you that the IRS is planning to take your assets before the levy. You are notified of your right to a hearing as well. The notice of levy may also tell you that your bank account will be levied, your wages will be garnished, or other assets will be seized. It is usually sent 30 days before the levy is implemented.
What Should You Do If You Receive Notice the IRS Is Planning to Seize Your Assets?
Pay the amount the IRS says you owe.
If you can not pay the amount the IRS says you owe, contact an experienced tax resolution specialist. Halls Tax Relief Team has an experienced resolution specialist that will analyze your financial situation ad the amount owed to determine the best option for you.
The IRS sends various types of notices and letters. The following are the most frequent levy notices:
- CP504 – IRS intends to levy your assets
- CP90 – Final Notice of Intent to Levy (Individuals)
- LT1058 – Final Notice of Intent to Levy
- LT11 – Final Notice of Intent to Levy
- CP297: Final Notice of Intent to Levy (businesses)
How Many Notices Do you receive before Levy?
The IRS sends various types of notices and letters. The following are the most frequent levy notices:
- CP504 – IRS intends to levy your assets
- CP90 – Final Notice of Intent to Levy (Individuals)
- LT1058 – Final Notice of Intent to Levy
- LT11 – Final Notice of Intent to Levy
- CP297: Final Notice of Intent to Levy (businesses)
The IRS will send you several notifications before seizing your assets before you pay your taxes. At first, you’ll get notifications informing you that you owe money to the IRS.
These notifications will explain how much you owe in addition to interest and penalties. You’ll get notices that you owe money to the IRS in the first place. These notices will explain how much you owe in addition to interest and penalties.
Eventually, the IRS will send notifications informing you that it plans to seize your funds. Notice of levy will be the second to last letter. You have the right to a hearing if this letter arrives. The notice of levy will advise you of your right to a hearing, but it will also mention the levy procedure.
The IRS must follow the proper procedures when sending these notices. If it doesn’t, it cannot begin the levy process. The IRS can seize tax refunds to cover unpaid federal taxes without sending you multiple notifications or providing you with a hearing.
Get Help With IRS Intent to Levy Notices
If you have been given an intent to levy notice, you may seek assistance from CPAs, tax attorneys, enrolled agents, and Former IRS Agents.
In many instances, they may be able to prevent the levy or lift a levy the IRS or state has applied to your wages. Bank levies, asset seizures, federal tax liens, unfiled taxes, and more may be among their services.
At Halls IRS we can assist with your specific tax issue and appoint the Former IRS Agent and Attorneys who will drive you through the desired resolution of your case.
Find out if you qualify!
The Offer in Compromise program is a way to settle your tax debt for less than the full amount owed when you are struggling financially.
Difference between Tax Levy and Federal Tax Lein
An IRS tax levy is different from a lien. A lien protects the government’s interest in your property when you don’t pay a tax debt, but a levy actually takes the property to pay the tax debt. If you do not pay the amount due or make arrangements to settle your debt, the IRS can seize and sell any real estate and business and personal property that you own or have an interest in.
A levy is a legal seizure of your property to satisfy a tax debt. A levy actually takes the property to pay the tax debt. If you do not pay the amount due or make arrangements to settle your debt, the IRS can seize and sell any real estate and business and personal property that you own or have an interest in.
A lien protects the government’s interest in your property when you don’t pay a tax debt. A federal tax lien comes into being when the IRS assesses a tax against you and sends you a bill that you neglect or refuse to pay it. The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property. You have the right to appeal if the IRS advises you of the intent to file a Notice of Federal Tax Lien.