| If you have had an IRS bank levy or a Notice of Intent | | | | number listed on the letter. You probably would have a |
| to Levy, this article is for you. | | | | revenue officer assigned by this point and that would |
| A bank Levy are a legal seizure of your property to | | | | be your contact at the IRS or state. If you do nothing it |
| pay a tax debt you owe to the IRS or state. If you do | | | | is assured that the government will proceed with |
| not pay your taxes or make arrangements to settle | | | | collection actions. |
| your debt, the IRS or state taxing authorities may issue | | | | When you contact the government, you will need to |
| a a tax lien, bank levy or seize and sell any type of | | | | be prepared to submit any missing tax returns that are |
| real or personal property that you own or have. The | | | | overdue, as well as stay current with any pending |
| most common target for these aggressive collections | | | | reports. When you have a tax debt you may be |
| is your bank account. If you operate a business, your | | | | eligible for an installment agreement to pay back the |
| business accounts are also open targets, including | | | | taxes, or perhaps you will be able to settle with the |
| money that may be held in trust for your clients, to pay | | | | government for less than is owed. It depends upon |
| vendors, and employees. | | | | your assets and income compared to the tax debt. If |
| A bank levy generally happens only after the IRS | | | | you live in a million dollar house and owe $10,000, plan |
| takes three steps. First they'll assess the taxes and | | | | on paying up. If you are renting but owe a million dollars, |
| send you a Notice and Demand for Payment. Next, | | | | you may be able to settle with an Offer in |
| you have to neglect or refuse to pay the tax, or make | | | | Compromise. |
| any alternative arrangements with the government. | | | | If you are at any time faced with an IRS bank levy or |
| Eventually the IRS will send you a Final Notice of Intent | | | | other tax issues you should seek tax advice from |
| to Levy. | | | | professionals. They are ultimately more familiar with |
| If you have received any of the above letters it is | | | | the laws and can help you get back on track much |
| imperative that you or your representative contact the | | | | quicker than if you try to face the IRS alone. |