Glossary

Levy

What is a Tax Levy and How Does It Work?

A tax levy is a legal action taken by the IRS to seize your property, like your bank account, wages, or other assets, to satisfy a tax debt you owe. This happens only after the IRS has made several attempts to collect the taxes. It’s a method the government uses to get paid when you don’t voluntarily pay your taxes.

Glossary Article

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