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 All funds in the account will be withdrawn and paid on the debt owed to the IRS.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.
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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.