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Updated on March 22, 2022
A levy is a legal seizure of property which authorities such as the IRS, state treasury departments and banks use to satisfy a tax debt. It grants control over the debtor’s bank accounts, personal property or rights, and can include an employee’s wages.
The IRS usually follow four steps before they issue a levy:
Levies can include IRS property seizure of items such as a house or vehicle but can really be any property you own or may have an interest in. For example, retirement accounts and bank accounts are usually fair game. Sales proceeds typically go toward an individual’s tax debts.
“Tax professionals are able to submit appeals and negotiate agreements on behalf of levied individuals.”
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