Notice of Intent to Levy

A Notice of Intent to Levy is a formal document issued by the Internal Revenue Service (IRS) or other tax authorities, informing a taxpayer of their intention to seize assets to satisfy unpaid tax debts. Key points include:

1. Final warning before asset seizure

2. Typically sent after previous collection attempts have failed

3. Provides details on:

   – Amount of tax owed

   – Penalties and interest accrued

   – Deadline for payment or response

4. Outlines taxpayer rights and appeal options

5. May include information on assets to be seized (bank accounts, wages, property)

This notice is a serious step in the collection process, indicating that the tax authority is prepared to take forceful action. Recipients have a limited time to respond, usually 30 days, during which they can:

– Pay the debt in full

– Negotiate a payment plan

– Dispute the debt

– Request a Collection Due Process hearing

Ignoring this notice can result in immediate asset seizure. It’s crucial to act promptly and consider seeking professional tax advice to explore available options and protect your rights.