intent to levy

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Intent to levy is a notice sent by the Internal Revenue Service (IRS) to a person who is greatly behind in tax payments and warns that the IRS plans to seize assets of that person to cover the taxes. A person has 30 days to either pay the taxes, appeal the levy, or reach an agreement with the IRS. Often the IRS will be flexible with the person, allowing payment plans or other compromises. If a person does not respond within the 30 days, the IRS will take possession of items like houses, cars, bank accounts, and other assets to cover the taxes. 

[Last updated in August of 2021 by the Wex Definitions Team]