A Step-by-Step Guide to Handling and Overcoming an IRS Asset Levy
By Fanta Kaba
(OnPoint Resolution LLC)
Receiving an IRS asset levy notice can be a scary and overwhelming experience for any taxpayer. An IRS asset levy is one of the harshest collection methods used by the IRS to collect back taxes. The levy permits the IRS to seize your assets, which includes your bank accounts, investment accounts, wages or salary, and property, to fulfill your outstanding tax liabilities. If you are in this situation or worried that you might face one in the future, it’s essential to be well-informed on how to handle and overcome an IRS asset levy. In this article, we’ll guide you through the steps to handle and overcome an IRS asset levy.Understanding the Asset Levy Notice: When you receive an IRS asset levy notice, read it carefully to understand the levy amount and the assets that the IRS intends to s...
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