En esta noticia
The Internal Revenue Service (IRS) has a mechanism that it puts into action when it detects that a taxpayer has outstanding tax debts and does not take steps to address them. When this happens, the U.S. tax agency will send a Final Notice of Intent to Levy.
In this way, taxpayers who do not respond to this official notice may be levied through the Automated Collection System (ACS) by the IRS.
IRS confirmed that it will seize the bank accounts, vehicles, properties, and assets of those who do not respond to this notice
IRS can order the start of a legal seizure of property, that is, a levy, when it must collect an unpaid tax debt. This measure comes after several instances in which the agency tried to contact the taxpayer.
Once the Final Notice of Intent to Levy arrives, IRS can move forward with the seizure of your assets if the debt remains unresolved.
What is the IRS levy mechanism like?
Before ordering a levy, IRS must follow a series of steps:
- IRS detects the tax debt, notifies the taxpayer, and demands payment.
- The taxpayer does not pay or refuses to settle the debt.
- The agency sends the Final Notice of Intent to Levy.
- It must also have sent a notice about the possibility of contacting third parties to collect the debt.
If after this process the person still does not pay or agree to an alternative to resolve the debt, the IRS may determine that the levy is the next appropriate measure and move against certain assets or property rights.
What assets can IRS levy?
IRS can reach assets in the taxpayer’s possession or assets that belong to them but are in the hands of third parties, such as:
- Bank accounts and other financial accounts.
- A portion of wages.
- Retirement accounts.
- Dividends and commissions.
- Rental income.
- Accounts receivable.
- Cash value of certain life insurance policies.
- Vehicles, such as cars.
- Boats.
- Real estate, including a home.