| Before an IRS Tax levy is placed on wages, bank | | | | individual may file for Currently Not Collectible status |
| accounts, tax refunds, etc., a Notice of Intent to Levy | | | | after the levy has been issued, meaning that the IRS |
| will be sent to the taxpayer, along with the individual's | | | | agrees that the levy is causing severe economic |
| rights to appeal the levy. If an individual does not | | | | hardship. And finally, one may submit documentation to |
| respond in time to negotiate an alternate means of | | | | prove that, should the IRS release tax levies, the IRS |
| collection through any other IRS tax resolution strategy, | | | | could better collect on the tax liability. |
| such as seeking an Offer in Compromise, filing for | | | | In addition to actions an individual may take to fulfill or |
| Currently Not Collectible status, etc., the levy will be | | | | stop an irs tax levy, there are some circumstances |
| assessed. | | | | that will see the levy released. For instance, if the |
| The levy will then continue until the individual can | | | | statute of limitations expired prior to the serving of the |
| accomplish one of the following. The easiest way to | | | | levy, and the IRS is informed of this fact, then the levy |
| release tax levies is to pay the full tax liability, including | | | | will be dropped. Secondly, should the value of property |
| interest and penalties. However, not all individuals have | | | | being levied be greater than the tax liability, and |
| the luxury of deciding on the previous option, and must | | | | releasing the levy on a part of the property could |
| pursue other methods. Entering into an Installment | | | | occur without affecting the ability to collect from the |
| Agreement with the IRS is one option, which entails the | | | | liability, then the levy will be released. This last |
| individual agreeing to pay the full liability in smaller | | | | circumstance is easiest to see in levies on bank |
| payments over a prolonged period. It should be noted, | | | | accounts, from which the appropriate funds may be |
| however, that some Installment Agreements do not | | | | taken without continued seizure of the account. |
| cause the IRS to release tax levies. Alternatively, an | | | | |