IRS notices
Tax levy
A tax levy is the legal seizure of property, such as wages or bank funds, to pay a tax debt; it differs from a lien, which is only a claim.
A levy takes action on your property. The IRS says it permits the legal seizure of property to satisfy a tax debt. That can mean garnished wages, money taken from a bank account, or a sale of a vehicle or real estate.
People often confuse a levy with a tax lien. A lien is the claim. A levy is the taking. The IRS usually sends a Final Notice of Intent to Levy first, and that notice has a response window. Acting early can open doors such as an installment agreement. See the IRS problems page for how a CPA can help with the response.
Related terms
Sources
Talk to Wallace CPA
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.