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AromaticTroubledDormouse
20:56
Warning
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Warning
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LSDefine
Simple English definitions for legal terms
intent to levy
Read a random definition: supplemental needs trust
A quick definition of intent to levy:
Intent to levy: When someone owes a lot of money in taxes, the government sends them a warning called an "intent to levy." This means that the government plans to take things like their house, car, or money from their bank account to pay the taxes. The person has 30 days to either pay the taxes, talk to the government about a payment plan, or appeal the decision. If they don't do anything, the government will take their things to pay the taxes.
A more thorough explanation:
Intent to levy is a warning notice sent by the Internal Revenue Service (IRS) to a person who has not paid their taxes. The notice informs the person that the IRS plans to take their assets to cover the unpaid taxes. The person has 30 days to respond to the notice.
For example, if John owes $10,000 in taxes and has not paid for several years, the IRS may send him an intent to levy notice. The notice will inform John that the IRS plans to seize his assets, such as his house, car, and bank accounts, to cover the unpaid taxes.
If John receives the notice, he has three options. He can pay the taxes, appeal the levy, or reach an agreement with the IRS. The IRS may be willing to work with John to create a payment plan or other compromise.
If John does not respond to the notice within 30 days, the IRS will take possession of his assets to cover the unpaid taxes. This means that John could lose his house, car, and other valuable possessions.
It is important to respond to an intent to levy notice as soon as possible to avoid losing assets and facing further consequences.