Know Your IRS Tax Levy Rights


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Know Your IRS Tax Levy Rights

  1. 1. Welcome ForKnow Your IRS Tax Levy Rights & IRS Tax
  2. 2. What is a Levy? Frequently referenced in conjunction withliens, levies involve actually taking property tosatisfy tax debt where liens are simply a claimagainst property used as security for tax debt. Click Here For – USA Taxes 2013
  3. 3. The Internal Revenue Service (IRS) can use levies to seize and sell any type of real or personal property. This includes cars, boats, houses, wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of life insurance, commissions, etc. Themost commonly seen levies are bank and wage levies. Click Here For – USA Tax Preparation
  4. 4. Taxpayers who ignore or refuse to pay a Notice and Demand for Payment from the IRS willreceive what is referred to as a "Final Notice of Intent to Levy and Notice of Your Right to A Hearing" (a.k.a. "Intent to Levy" notice) at least 30 days before the levy. Click Here For – USA Tax Refund
  5. 5. Upon receiving such a notice, it is essential that taxpayers request a review of the casefrom an IRS manager. Alternately, a CollectionDue Process hearing with the Office of Appealscan be requested. This must be filed within 30 days of the date on the notice. Levies can be released by placing a phone call to the IRS. However, this is not recommended unless someone is knowledgeable of the applicable tax laws. Click Here For – IRS Tax Information 2013
  6. 6. Bank levies attach for one day only. Releases on levies typically occur when a taxpayer resolves back tax liability through CurrentlyNot Collectible status, an Offer In Compromise or an Installment Agreement. Click Here For – Tax Refund Online
  7. 7. Your Tax Levy Rights According to the Internal Revenue Service(IRS), all taxpayers have rights with regard to tax levies:Click Here For – US State Tax Preparation 2013
  8. 8. If an agreement is made between the IRS and the taxpayer that a back tax liability is notcollectible, then the IRS is required to release an IRS wage levy. The IRS may not place a lien on the taxpayers residence in situations when theamount of the IRS tax levy is less than $5,000. Click Here For – IRS Tax Deduction
  9. 9. Once the collection statute of limitationexpires the IRS is required to stop all collection efforts and cancel the IRS tax levy. 30 days before issuing a tax levy the IRS is required to send a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice). Click Here For – IRS Tax Preparation 2013
  10. 10. Taxpayers have a right to a hearing and must benotified of this at least 30 days before the levy is filed. A taxpayer may request to have an appealsofficer hear the case, but may not challenge the actual tax unless there was no previous opportunity to do so. Taxpayers have 30 days to appeal unsatisfactoryoutcomes to the U.S. Tax Court or Federal Court. Click Here For – USA State Taxes 2013