Have You Received a Notice of Intent to Levy from IRS? Here is What You Have to Do

‘Notice of Intent to Levy’ is a notice that IRS sends if you have seriously delinquent tax debt that you haven’t tried to resolve and IRS has planned to seize your assets. The IRS must send you a notice the first time, and it cannot take your property unless it provides you notice in advance.

Before seizing your assets, the IRS must take the following steps:

  • Send you a notice of the intent to levy and explain your right to appeal.
  • Provides you a detailed explanation of the reason for the seizure process and your options to consider.
  • Send the notice to your law known address through registered mail or deliver the notice personally.

Assets that Can Be Seized by the IRS

  • Personal property
  • Movable assets
  • Funds in the bank account
  • Rights to property
  • Wages from your employer
  • Social security benefits
  • Retirement benefits
  • Employee travel advances
  • Government retirement benefits and more

What Does the Notice of Intent to Levy Tell You?

The Notice of Intent to Levy conveys you the following things:

  • Your IRS tax hasn’t been paid on time, and hence you owe IRS tax debt.
  • The IRS can seize the fund in your bank account.
  • It notifies your right to request a Collection Due Process hearing.
  • You have only 30 days left to take any necessary action.

What Can You Do?

Respond to the Notice

Once you receive the notice, contact your IRS tax attorney in Carlsbad CA and discuss the situation. Respond to the notice and request a CDP hearing only via writing.

CDP Hearing

The CDP hearing gives you some time to figure out a payment arrangement that works with their budget to pay off the IRS tax. You can use several options such as penalty abatement, innocent spouse relief, or another tax resolution option to reduce the amount you owe. You can also opt for an installment agreement to pay off the debt.

If you are requesting for CDP hearing too late, you may lose some important rights to negotiate a deal to stop the bank account levy.

You can also talk to your tax attorney in Carlsbad to talk about the different options available to prevent or delay the bank levy.

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