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The Curious Bag
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An IRS levy is a seizure of a person's property in order to satisfy a tax debt owed to the Internal Revenue Service. This process is only used when the person is notified of the debt and does not pay.
Notice
Before filing a levy, the IRS must send a Notice and Demand for Payment. If the person refuses to pay the tax, a Final Notice of Intent to Levy is sent at least 30 days before the levy occurs.
Appeal
A levy may be appealed by filing a request for a Collection Due Process hearing with the local IRS office. This request must be filed within 30 days of the Final Notice sent by the IRS.
Types
A levy may seize a person's real or personal property a. A levy may also be placed on a person's wages, bank accounts and federal and state refunds.
Duration
A levy will continue on the property until the levy is released, the tax debt is paid, or the time period for legally collecting the tax ends.
Misconceptions
A levy should not be confused with a lien. A lien is a legal claim on someone's property and does not actually seize the property, as does a levy.
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