| An IRS levy gives the IRS ownership of your assets | | | | agreement is reachedo The levy will cause you |
| whether it be your bank accounts, your wages, or | | | | extreme financial hardshipo The assets seized |
| your property. It will seize as many of these assets | | | | exceeds the taxes owed so part of the assets are |
| that are needed to provide funds to pay your tax bill. If | | | | releasedo Filing for bankruptcyo Submission of an |
| you have received notice of an IRS levy, your IRS | | | | offer in compromise |
| Problems have finally caught up with you. | | | | There are also ways to avoid seizure of your assets. |
| The most obvious way to avoid a levy is to pay your | | | | Note that these need to be done before notice of an |
| taxes in full including any penalties or interest that has | | | | IRS levy is received. Check to make sure you are not |
| accrued. Remember, your tax bill is increasing every | | | | breaking the law when attempting any of these.o |
| day with the addition of more penalties and interest. | | | | Transfer of assets: under certain circumstances you |
| Get this paid off as soon as possible before it gets out | | | | can sell or give away assetso Proof that the levy is |
| of hand. | | | | uneconomical: if it will cost the IRS more to obtain, |
| If paying off your tax bill is not a possibility, you do | | | | store, and sell the asset than it is wortho Asset is |
| have other options to get the IRS to release a levy.o | | | | essential for you to work: if you need the asset to |
| The statute of limitations expires before the levy is | | | | perform your job or to get to worko Do not reveal the |
| servedo The IRS is convinced that release of the levy | | | | existence or location of your assets: if assets are |
| will help them collect the taxo An installment | | | | located in other states, etc. |