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What is an "IRS Tax Levy"? Tax Resolution Institute

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Uploaded on Nov 1, 2010

Tax Resolution Institute's Peter Stephan explains to Henry in Los Angeles what it means when the IRS sends him a notice saying they intend to levy his assets - http://www.taxresolutioninstitute.com.... For Tax Resolution help with tax problems, call (877) 829-8370 or visit http://www.taxresolutioninstitute.com

Transcript:
"Ask Peter About Tax Problems, From Henry in Los Angeles: 'I received a Notice From the IRS Saying they intend to levy my assets! What does this mean?' "

Henry, What that means is that you ignored the first three notices. This is the last notice that you get before they actually take very, very aggressive collection action. What you've got is what we call a Notice of Intent to Levy. What you need to do, Henry, is look at the date on that notice. 30 Days from the date on that notice the IRS will commence levy on, first your bank account. If they don't get the full amount of tax from your bank account, they may levy that again. More likely though, they'll find your employer and they'll levy our paycheck. So, the question really is: What do you do about it? What you need to do is call the IRS and either arrange an installment agreement, or to be put in Currently Non‐Collectible Status (what we call CNC status.) I have several videos on each of those topics, which you might want to check out. That is what you need to do about that urgent Notice of Intent to Levy. (Very, Very serious notice, Henry.)

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