The legal seizure and sale of the property owned by an individual by the Internal Revenue Service (IRS) to recover tax debt is known as a levy.
Levy Extended Definition
If a person fails to pay federal taxes, the IRS can legally seize and sell the defaulter’s property. This is the strongest weapon at the IRS’ disposal for recovering delinquent taxes.
A levy is used as a last resort in case a defaulter refuses to pay, doesn’t get tax levy help, and neglects the final levy notice, which is issued 30 days prior to the levy.
Last Updated By
Rachel Blakely-Gray | Apr 28, 2023