answersLogoWhite

0

An IRS bank levy is a notice to a financial institution that assets in an account holder's name have been seized. All funds in the account will be withdrawn and paid on the debt owed to the IRS. A bank levy is used when individuals have a tax problem, and have failed to contact the IRS and make other arrangements.

User Avatar

Wiki User

11y ago

Still curious? Ask our experts.

Chat with our AI personalities

SteveSteve
Knowledge is a journey, you know? We'll get there.
Chat with Steve
TaigaTaiga
Every great hero faces trials, and you—yes, YOU—are no exception!
Chat with Taiga
CoachCoach
Success isn't just about winning—it's about vision, patience, and playing the long game.
Chat with Coach
More answers

An IRS levy means that if one owes money to the IRS they have the ability to seize ones property or belongings in order to cover the debt that is owed.

User Avatar

Wiki User

11y ago
User Avatar

Add your answer:

Earn +20 pts
Q: What exactly does an IRS levy entail?
Write your answer...
Submit
Still have questions?
magnify glass
imp