Tuesday Tax Tip

Levy: Seizure of Property (Part VI)

Topic: Levy: Seizure of Property (Part VI) Information on Seized Property: A. How to recover seized (“levied”) property that has been sold… To recover your real estate, you (and anyone with interest in the property) may recoup it within 180 days of the sale by paying the purchaser what they paid, plus interest at 20% […]
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Levy: Seizure of Property (Part V)

Topic: Levy: Seizure of Property (Part V) Reasons the IRS may return seized (“levied”) property The IRS may return your seized property if: • The seizure was premature, • The seizure was in violation of the law, • Returning the seized property will help their collection of your debt, • You enter into an Installment […]
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Levy: Seizure of Property (Part IV)

Topic: Levy: Seizure of Property (Part IV) The IRS will “release” a levy if it was issued improperly… The IRS will also release a levy if it was issued improperly. For example, they will release a levy if it was issued: • Against property exempt from seizure, • Prematurely, • Before the IRS sent you […]
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Levy: Seizure of Property (Part III)

Topic: Levy: Seizure of Property (Part III) Reasons the IRS will “release” a levy The Internal Revenue Code specifically provides that the IRS must release a levy if they determine that: • You paid the amount you owe, • The period for collection ended prior to the levy being issued, • It will help you […]
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Levy: Seizure of Property (Part II)

Topic: Levy: Seizure of Property (Part II) How to appeal a proposed seizure (“levy”)? Taxpayers can request a Collection Due Process hearing within 30 days from the date of their Notice of Intent to Levy and Notice of Your Right to a Hearing. They should send their request to the address on their notice. For […]
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Levy: Seizure of Property (Part I)

Topic: Levy: Seizure of Property (Part I) Property that can’t be seized (“levied”) by the IRS Certain property is exempt from seizure. For example, the IRS can’t seize the following: unemployment benefits, certain annuity and pension benefits, certain service-connected disability payments, worker’s compensation, certain public assistance payments, minimum weekly exempt income, assistance under the Job […]
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