Glossary

Tax Levy

What Exactly is a Tax Levy and How Does it Impact You?

A tax levy is a legal action by the IRS to seize your property (like your bank account, wages, or other assets) to pay off your unpaid tax debt. It’s a way for the IRS to collect taxes you owe when you haven’t paid them voluntarily. The IRS will typically issue a Notice of Intent to Levy before they actually seize your property.

  1. Glossary Article

Recommended for You

CP504AL Notice

The CP504AL Notice is an urgent IRS notice informing taxpayers of unpaid taxes and impending collections actions if they do not respond promptly.

Delinquent Tax

Delinquent tax refers to unpaid taxes that have surpassed the due date, potentially leading to penalties or legal actions. Understanding and resolving these taxes are essential for financial compliance.

Letter 3220C: Offer in Compromise Acceptance

Letter 3220C is an official IRS notification that your Offer in Compromise (OIC) has been accepted, meaning the IRS has agreed to settle your tax debt for less than what you originally owed. This letter signals a major step towards resolving your tax issues.

Green Bond Tax Credit

The Green Bond Tax Credit is a financial incentive aimed at promoting environmentally-friendly projects through tax-advantaged bond financing.

Affordable Housing Renovation Credit

The Affordable Housing Renovation Credit is a tax incentive aimed at encouraging the renovation and improvement of affordable housing, providing tax credits to property owners who enhance living conditions for low-income tenants.

Payment Plan Termination Approval Form

A Payment Plan Termination Approval Form is a document used to officially terminate a taxpayer's payment plan with the IRS or other tax authorities. It requires careful consideration and compliance to avoid penalties.

Estate Heirship and Liens

Estate heirship and liens are critical in understanding financial obligations and tax implications for heirs, ensuring compliance with estate taxation laws.

Delinquency Penalty

A Delinquency Penalty refers to charges imposed for late tax payments or filings. Understanding its mechanisms is crucial for avoiding significant financial burdens.

Tax Debt Forgiveness

Tax debt forgiveness is when the IRS or state tax agency agrees to cancel some or all of the taxes you owe. It can provide a lifeline for individuals struggling with tax burdens.

Tax Payment Intercept Program

The Tax Payment Intercept Program (TPIP) is a mechanism used by government agencies to collect outstanding debts owed by individuals, such as unpaid taxes, by intercepting their incoming payments. Its primary purpose is to ensure that individuals meet their financial obligations to the government.