Tax Levy

A tax levy is a legal process through which a government entity, such as the IRS or a local authority, collects taxes owed by an individual or business. When someone fails to pay their taxes, the government can seize assets, such as bank accounts or property, to satisfy the debt. This process typically follows notices and attempts to collect payment. A tax levy is a serious action that can impact your financial situation, so it’s essential to address tax obligations promptly to avoid such measures.