I received an IRS notice of intent to levy. What does this mean?

You should not receive an Intent to Levy if you have not been contacted about back taxes before. Receiving this notice means that the IRS has tried to engage you regarding an issue with unpaid taxes and you have either ignored their efforts or you have not taken adequate action to solve the problem.

If you receive a Notice of Intent to Levy and Notice of Right to a Hearing, this means that the IRS believes that they have made adequate attempts to contact you. However, you have not shown that you are willing to settle your debt. As a result, the IRS is now ready to take what belongs to them. They may do this by seizing assets in your bank accounts or seizing your personal property. The good news is that there may still be opportunities for you to correct the situation. You will be given the chance to have a hearing before the levy goes into effect.

If you receive a Notice of Intent to Levy: You Defaulted on Your Installment Agreement, this means that you established a payment plan with the IRS, and at some point, you stopped paying. Now, the IRS is ready to settle the debt without your willful participation. If you contact the IRS upon receiving this notice and discuss any missed payments and plans to make them, you may be able to avoid the levy.

In either case, if you receive one of the above notices, you should not, under any circumstances, ignore it. Even if you believe that the IRS has made a mistake, the best thing to do is to get advice from a tax lawyer.