Understanding The Use Of An Irs Tax Levy

A tax levy occurs when the IRS takes control of your properties in an effort to pay for your debt

. The law states that the IRS does not have to take action in a court to be able to be approved for their decision. Similarly, the IRS can take any possessions as payment for your debt. This means that property, such as a home, vehicle, or anything of actual worth can be used as a payment for your debt.

The IRS can also sell your assets so as to acquire money as payment for your debt. Another option is that the IRS can remove money from your earnings and wages to get their payment. Regardless of if you have access to money from loans or you took a life insurance policy, the IRS is able to gain money from these elements to ensure that you pay the complete amount that is owed for your taxes.

However, this does not mean that the IRS actively seeks people that it can levy so as to gain more money. Most levies only happen when the person has gone out of their way to get around making necessary payments or other factors that have developed over time. Firstly, the IRS will get in touch with you and explain that a payment is owed for your taxes. If you ignore this contact, they will communicate with you again in the future. If it seems that you are deliberately ignoring them, they will send a notice explaining to you that they mean to levy you and notify you about a hearing that you can attend within 30 days. Throughout this time, if you do not take action, it is guaranteed that you will be levied.

Often, the IRS will speak to you with intent to work with you on payments rather than of a tax levy. The use of a levy only occurs if it seems like you are purposely avoiding making payments or you have refused. There are additional situations where you may get a levy notice but no action is truly taken against you. For example, if you are given a notice but you have previously made all of your payments, you are not likely to deal with a levy. Additionally, if the IRS has made mistakes in determining the levy, there is not a big possibility that it will truly take place.

by: jontgy1mbe

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