Accounts Receivable Levy

After procedural requirements have been fulfilled by the IRS, it may issue a Notice of Levy (Form 668-A) to the accounts receivable of a delinquent taxpayer.  The Notice of Levy requires the receivable to send any payment to which the delinquent taxpayer has a fixed and determinable right directly to […]

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Asset Seizure (a.k.a. Levy on Asset)

After procedural requirements have been fulfilled by the government, it may levy (seize) non-exempt assets of a delinquent taxpayer.  The government takes physical possession of the asset and will typically sell the asset at an auction and apply the proceeds to the taxpayer’s tax liability.  State taxing authorities generally follow […]

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Bank Levy

After procedural requirements have been fulfilled by the IRS, it may issue a Notice of Levy (Form 668-A) to a bank that holds funds belonging to a delinquent taxpayer.  The Notice of Levy requires the bank to freeze any funds that are in the taxpayer’s account at the time the […]

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Notice and Demand for Payment

Before the IRS may file a Notice of Federal Tax Lien, it must first issue a Notice and Demand for Payment to the taxpayer and wait at least 10 days before filing a Notice of Federal Tax Lien (assuming the taxpayer does not pay off the tax liability within those […]

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Installment Agreements

An Installment Agreement is a written agreement between a delinquent taxpayer and the IRS which requires the taxpayer to make periodic (typically monthly) payments to the IRS.  The IRS will not enforce (levy) against a taxpayer for tax liabilities that are covered by an installment agreement that is in good […]

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Offer in Compromise

An Offer in Compromise (OIC) is a formal, written agreement between a taxpayer and the IRS to settle a tax liability for less than the full amount owed.  Many states have a similar program.  An OIC can be based on “Doubt as to Collectability” (the taxpayer proves he or she […]

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