2007-11-28 20:20:18 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
How am i confusing a levy with lien? I just aksed what a levy was. i know what a lien is im a paralegal student.
2007-11-28 20:55:12 · update #1
You are confusing a levy with a lien.
A levy is a legal instruction to hand over money. Eg, the IRS tells your bank to send them the contents of your bank account or they tell your employer to send $200 per paycheck directly to them.
A lien is a legal instruction that when you sell your property, the title cannot pass to the new owner unless and until
the lien is paid off.
2007-11-28 20:52:08 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A levy is an order to pay a tax. Your property taxes are levied against the property.
A levy can also be an order to a bank to turn over unpaid taxes from the monies in your account or an order to an employer to withhold unpaid taxes from your wages. With wages it's commonly called a wage attachment. Similar to a garnishment but the key difference is that a court order isn't required for a levy or wage attachment.
2007-11-29 07:23:00 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋