Tax levies

A tax levy is a legal action by the government to collect overdue taxes directly from your assets or income. If you owe taxes and haven't paid them, the government can impose a levy to seize money from your bank account, wages, or other property. It’s different from a tax lien, which is a claim against your property. A levy is a more immediate step to ensure the government recovers owed taxes. To avoid or stop a levy, taxpayers typically need to address their debt through payment, dispute, or setting up an agreement with tax authorities.