Can a tax levy be reversed or stopped?
When taxpayers fail to satisfy the back taxes owed by them to state authorities, IRS gains ample power to initiate a harsh mechanism for covering the pending bill. In tax debt cases, IRS gets the right to go far beyond all their general rights for collecting the money owed by the taxpayer. They place a tax levy on the property or assets of the taxpayer and can go as far as levying bank or investment accounts, wages, social security, pensions, insurances and other assets. Before resorting to this process, IRS sends several notices to the taxpayer for bringing attention to the amount owed. In order to make the best use of your time for accumulating funds and avoiding seizure of your assets, it is important to understand the legal meaning of tax levy.