Know Your IRS Tax Levy Rights from internet

1. Welcome
For
Know Your IRS Tax Levy Rights
&
IRS Tax Services
www.onlinetaxinformation.com

2. What is a Levy?
Frequently referenced in conjunction with
liens, levies involve actually taking property to
satisfy tax debt where liens are simply a claim
against property used as security for tax debt.
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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. The
most commonly seen levies are bank and wage
levies.
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4. Taxpayers who ignore or refuse to pay a Notice
and Demand for Payment from the IRS will
receive 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.
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5. Upon receiving such a notice, it is essential
that taxpayers request a review of the case
from an IRS manager. Alternately, a Collection
Due Process hearing with the Office of Appeals
can 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.
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6. Bank levies attach for one day only. Releases
on levies typically occur when a taxpayer
resolves back tax liability through Currently
Not Collectible status, an Offer In Compromise
or an Installment Agreement.
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7. Your Tax Levy Rights
According to the Internal Revenue Service
(IRS), all taxpayers have rights with regard to
tax levies:
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8. If an agreement is made between the IRS and
the taxpayer that a back tax liability is not
collectible, then the IRS is required to release
an IRS wage levy.
The IRS may not place a lien on the
taxpayer's residence in situations when the
amount of the IRS tax levy is less than $5,000.
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9. Once the collection statute of limitation
expires 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).
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10. Taxpayers have a right to a hearing and must be
notified of this at least 30 days before the levy is
filed.
A taxpayer may request to have an appeals
officer 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 unsatisfactory
outcomes to the U.S. Tax Court or Federal Court.
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