Levy: IRS Tax Debt Recovery Method Definiton

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Levy: IRS Tax Debt Recovery Method Definiton

Term Definition
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.

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. It 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.

Related Blog Article:
How to Deal with Employee Levies
What is Garnishment?
What Is a Garnishee?

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