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Definition of 'Levy'
The legal seizure of property to satisfy a debt. In the U.S., the Internal Revenue Service (IRS) has the authority to levy an individual's property, such as a car, boat, house or property belonging to the individual that is held by someone else, including wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, commissions or the cash loan value of a life insurance policy. A levy differs from a lien because a levy takes the property to satisfy the tax debt, whereas a lien is a claim used as security for the tax debt.
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Investopedia explains 'Levy'
Certain procedures must be followed and requirements met before enforcing a levy. In the U.S., for example, the IRS must first assess the tax and send a Notice and Demand for Payment, and after the individual's neglect or refusal to pay the tax, send a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (levy notice). This must be sent at least 30 days prior to the levy, and can be given in person, left at the person's home or place of business, or sent to the person's last known address. A state tax levy applies to unpaid state taxes.
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Search results for 'Levy'
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http://www.investopedia.com/university/personal-income-tax-guide/tax-guide7.asp
For many taxpayers, filing their return involves a prayer, a rabbit's
foot, or an attempt to store up some good karma.
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http://www.investopedia.com/articles/tax/09/calculate-property-tax.asp
... Calculating Property Taxes The way that property taxes are calculated would be through
the use of the mill levy and the assessed property value. ...
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http://www.investopedia.com/articles/tax/09/enforced-collections.asp
... who owe large balances on their tax returns and refuse to communicate with the IRS
will eventually face the possibility of having a lien or levy placed on some ...
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http://www.investopedia.com/articles/economics/08/tariff-trade-barrier-basics.asp
... For example, a country could levy a $15 tariff on each pair of shoes imported,
but levy a $300 tariff on each computer imported. ...
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http://www.investopedia.com/articles/retirement/02/111202.asp
... (For more on taking SEPPs, see Rules Regarding Substantially Equal Periodic Payment.)
8. IRS Levy The 10% penalty normally charged for an IRA withdrawal is ...
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http://financialedge.investopedia.com/financial-edge/0212/The-Most-Outrageous-Taxes.aspx
... For varying reasons - some sensible, some less so - authorities have chosen
to levy some curious taxes. Here are just a few examples. ...
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http://financialedge.investopedia.com/financial-edge/1211/What-New-Tax-And-Regulatory-Changes-May-Mean-For-You.aspx
... Bank of America tried to levy a $5 month charge for its ATM-debt card users this
year, but that became a total political fiasco, forcing the bank to retract ...
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http://www.investopedia.com/articles/tax/09/cant-pay-uncle-sam.asp
... due". Four to six months later, you will receive a final notice of "intent
to levy". Advertisement - Article continues below. It ...
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http://www.investopedia.com/university/retirementplans/ira/ira3.asp
... both is $20,000. For payment of an IRS levy The IRS may levy against an
IRA, resulting in a distribution. The distributed amount ...
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http://www.investopedia.com/university/retirementplans/rothira/rothira3.asp
... For payment of Roth IRS levy - The IRS may levy against an IRA, resulting
in a distribution. ... The assets are used to pay an IRS levy. ...
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