Receiving a Final Notice of Intent to Levy from the IRS can be a very stressful experience. With this notice, the IRS is essentially saying it will proceed with seizing your property if you don’t satisfy an outstanding tax debt in a timely manner. Types of property the IRS may seize include:
- Real estate
- Vehicles
- The contents of investment and bank accounts
Those are just examples. Naturally, you may be wondering how you can stop the IRS from seizing any of your property if you’ve received a notice indicating the IRS plans to do so. Our tax professionals at Highland Tax Group will review your case and explain your options in these circumstances.
Stopping the IRS from Seizing Your Property After Receiving Notice of Intent to Levy
Satisfying the outstanding tax debt is the most effective way to prevent the IRS from taking your property if the IRS has sent a notice stating it plans to impose a levy. However, you may not always be able to pay what you owe.
You have potential options when this is the case. The notice will provide information regarding how much time you have to submit Form 12153 requesting a Collection Due Process (CDP) hearing. You typically have 30 days to submit said form and request upon receiving Notice of Intent to Levy, so it’s important to act fast.
If the IRS grants a hearing, you’ll have the opportunity to discuss alternative options to having the IRS seize your property. If you haven’t already had the chance to dispute the amount you owe, the hearing also gives you the chance to do so.
Highland Tax Group Can Help When You Receive Notice of Intent to Levy
You don’t have to face the IRS alone when submitting Form 12153 asking for a CDP hearing. A tax professional serving as your representative can help you complete the form properly, and they can represent you during a hearing, relieving you of a major burden.
You may be overwhelmed if you’ve learned the IRS plans to seize your property. Luckily, help is available. Discuss your case with a member of our team at Highland Tax Group for more information.