You have 30 days from the date of the Notice Of Levy issued by the Internal Revenue Service to pay in full or to find another solution. Ignoring this notice or doing nothing, will only make matters worse.
Analyze your situation to find the best course of action for you and avoid the levy. Once the 30 days has passed, the IRS does not have to give any further notice before seizing your assets, including your checking accounts, savings accounts, and your wages.
By securing a temporary freeze on further collection activity, you have sufficient time to analyze your situation and determine the best course of action.
For qualifying taxpayers, this could lead to a tax settlement through an Offer in Compromise.
The IRS has broad powers to seize assets to pay your tax liabilities. After the IRS has seized this property, it becomes the property of the United States Government. They will attempt to sell it at public auction. The IRS will advertise in local newspapers that they have seized your property for nonpayment of taxes and that such property is available at public auction. You should seek an Asset Levy Release as quickly as possible.
You need an experienced representative, whether that be an Attorney, CPA, or Enrolled Agent, to contact the IRS and resolve your outstanding tax liability.
S. Raines, Sr. Financial Advisor/Tax Preparer
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