July 6, 2007, Newsletter Issue #19: Assets That Might Be Levied

Tip of the Week

Once you have not voluntarily paid, or agreed upon paying, your back taxes, the IRS starts their enforced collection process. The point where the IRS seizes your assets is known as the IRS tax levy stage. Some of your assets that the IRS may take from you include:

Bank accountsPersonal property such as accounts receivable from your business, computers, furnitureWagesIncome from customersVehicles (boats, motorcycles, cars, etc.)Social Security benefitsRetirement plansReal property (real estate you own)Stocks, bonds, investment items (such as dividends)State and federal income tax refunds, current and futureAccounts that belong to you, but are held by someone else. For example, cash loan value of your life insurance, licenses, rental income, mutual fund accounts.

An IRS levy arrives shortly after the Notice of Lien. You may receive a written notice, or not. An IRS levy can happen even though no a tax lien has not been filed.

An IRS levy occurs only when you have not attempted to contact the IRS or repay your unpaid tax bill. They do not happen totally out of the blue.

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