Educational Tax Tip: Understanding IRS Notice of Intent to Levy

Receiving a Final Notice of Intent to Levy can be alarming, as it means the IRS may seize your wages, bank accounts, or property to satisfy a tax debt. This notice is usually sent after previous collection attempts, giving you an opportunity to act before enforcement begins. You may be able to stop the levy by paying the debt, setting up an installment agreement, or requesting other relief options. Taking immediate action is crucial to prevent asset seizure.

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