what does tax levy mean?

Answer 1

If its a bank levy it means that you can not access the funds in the account until the levy has been satisfied. If you owe federal taxes the IRS can levy your account to pay what you owe. If you owed and made payment arrangements and made the payments as promised a levy would not take place. If the IRS has levied your account you need to call them immediately. They do send a registered letter out before a levy is placed

1-800-829-1040

Answer 2

A tax levy is the calculation and imposition or issuance or declaration or notification of a tax. I used many words after the "or" to give an idea of what imposition means.

For example, a village board will levy a tax on real estate. They will determine how much they "need" and levy that amount. At least in my county, an official of the county then breaks that down to the individual tax bills.

A sales tax is levied by a legislature passing a law stating that some the sales of some items will be taxed at a particular percentage.

That is the general idea. I believe if the IRS finds that someone has failed to file an income tax return (or failed to include income), they will calculate the tax, notify the person, and that process is also called "levying" a tax.

I hope this helps.

Answer 3

A tax levy is the calculation and imposition or issuance or declaration or notification of a tax. I used many words after the "or" to give an idea of what imposition means.

For example, a village board will levy a tax on real estate. They will determine how much they "need" and levy that amount. At least in my county, an official of the county then breaks that down to the individual tax bills.

A sales tax is levied by a legislature passing a law stating that some the sales of some items will be taxed at a particular percentage.

That is the general idea. I believe if the IRS finds that someone has failed to file an income tax return (or failed to include income), they will calculate the tax, notify the person, and that process is also called "levying" a tax.

Answer 4

Some asset of yours is frozen by the IRS - you can't get at the money if it's a bank account, or can't sell an item. Levies don't just drop from the sky - you would have been contacted multiple times about what you owe.

Answer 5

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Today's ruling makes it legal to tax NOT buying something. So, if Congress says you MUST buy a hat because it's good for your health to wear a hat and you buy it, you pay sales tax. If you do not buy it, you are punished by "tax" for NOT buying it. Got it?