There is a process that the IRS puts in place when an individual or business does not pay his, her or its taxes and fails to file for bankruptcy in a timely manner. The next appropriate action – usually as a last resort – is a tax levy.
A tax levy is a legal seizure of a taxpayer’s property to pay their unpaid taxes. Unlike a tax lien, a tax levy is not simply a claim on the assets but it’s an actual confiscation. Unless the Internal Revenue Code (IRC) exempts the property, any assets that a taxpayer owns or has an interest in is eligible to be levied.
The type of levy selected by the IRS depends on the taxpayer’s situation, although the assets that are most easily liquidated are usually seized first. Common forms of tax levies include:
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Before the IRS can issue a tax levy, the following actions must take place:
Avoiding a levy requires action, and you are strongly encouraged to speak with a qualified tax attorney about your situation to determine the ideal course of action. Tax Attorney Kenneth L. Sheppard, Jr. of Sheppard Law Offices is committed to negotiating arrangements that are best for you and not the federal or Ohio taxation authorities.
Contact Sheppard Law Offices to discuss your particular situation. For your convenience we have tax law offices in Columbus, Newark, and Mount Vernon, Ohio. Call today to schedule your free consultation at (614) 523-3106.