An IRS Levy can be issued against various types of property, including bank accounts, wages, vehicles, real estate, and other personal property. Once the IRS issues a levy, it will typically freeze the assets or property, and then seize or sell them to satisfy the debt.
It's important to note that the IRS must follow specific procedures and provide proper notice before issuing a levy. Taxpayers have the right to appeal the levy and may be able to negotiate a payment plan or settlement with the IRS to avoid the levy.
If the IRS determines that the levy is causing an immediate financial hardship, it may also release the levy. You have the option of appealing this decision if the IRS rejects your request to release the levy. Before or after the IRS levies your wages, bank account, or other property, you can appeal. You can make a claim to have the money from the levy returned to you after it has been sent to the IRS. Additionally, you have the option of appealing the IRS's denial of your request to have levied property returned to you.
If you or someone you know has received notice of an IRS levy, it's essential to take action quickly to avoid losing your property or assets. I can help you resolve this IRS problem. Contact me at 702-469-9426 or candy@numbercruncherllc.tax.
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