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A tax levy is the system of tax collection imposed by IRS on its taxpayers when they are unable to pay their taxes due. This is the system devised by IRS through which IRS can take away all of your assets from you and sell them so as to pay your unpaid taxes. When you find out about the IRS levy against you, you must take action in order to come to some kind of settlement with the IRS and thus, they will release levy and will stop taking collection actions against you. There are 10 ways of getting a tax levy released with the IRS.

  • Payment in full: If you pay the IRS in full, they will immediately stop taking collection action against you. Thus, your tax levy will be released.


  • Statute of Limitations: According to the law, the IRS has 10 years to collect taxes from you since the initial date of evaluation. Once the 10 years have been passed, the IRS cannot collect from you any longer. Bear in mind that the IRS will try to extend that period under the statute of limitations, so you better be careful while signing out any papers by IRS. If you have not paid amount payable in 9 years, then it is very doubtful that you will have to pay them in the last year.


  • Installment Agreement: An installment agreement is a plan through which you can pay the amount owed over time to the IRS in installments. It is important that you make the payments timely or the IRS has the power to reinforce the tax levy.


  • Partial Payment Agreement: You can also set up a partial payment settlement. If you can prove that you cannot pay the amount legally required for an installment agreement, the IRS will allow for smaller amounts, which end up being less than the original amount of tax payable.


  • Offer In Compromise: For this type of relief you have to meet the strict requirement by IRS, the IRS will then release the levy. This is the hardest type of relief that you receive from IRS as it lets you “settle for pennies on the dollar”.


  • No value Assets: If you can prove to IRS that the assets which they are trying to levy have no value. And there is no point to levy them as IRS will gain nothing from it and it will not pay back any of your taxes owed by you.


  • Financial Hardship: If you can prove to the IRS that the levy imposed by them on you creates economic problems for you and that you cannot earn enough to have a roof over your families head, then it is likely that the IRS will lift the levy.


  • Post a Bond: A levy will no longer be in effect if you post a bond. If a levy still exists, and you cannot pay your taxes owed, it is doubtful that you will be eligible for a bond. If you are eligible for a bond, you better be paying the due tax amount in full.


  • Appeal the Levy: You can appeal the levy. Your case can be reviewed whether the tax collectors have followed the right procedures. If they didn’t, you may be able to get the levy released.


  • File Bankruptcy:  If a bankruptcy settlement takes place, a tax levy can be released by court order and the seized assets can be returned to you. But this should be the last choice.

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