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The IRS can put a levy on your bank accounts if you owe them money and have not paid them. It means they can take your money, whether you want them to or not.
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What is a levy?
A levy in financial terms, is one way in which a writ of judgment can be enforced to collect a debt. Sometimes wage garnishment is referred to as a "levy against earnings". More often a levy is placed against bank accounts.
How is a tax levy different from a lien on your home?
Levy is by a county or municipality for taxes owed. A lien is for money owed on a home or money borrowed against the home. If you owe back taxes, then IRS or State taxing authorities may file a notice of lien and a notice of levy, but they are totally different. Tax levy is much more serious and usually a levy is the last tool that the IRS will use to collect the tax debt. When IRS puts a lien on your home, they are doing this to assure they will get paid if you sell it. Having a tax lien will affluence your credit rating; you may not get a new credit card or sign a new lease because liens are public record. If you get a levy on your home, it means the IRS is taking action to collect the debt.
In what year did Levy Acquisition Corp - LEVYW - have its IPO?
Levy Acquisition Corp. (LEVYW) had its IPO in 2014.
When did olga levy drucker die?
As of Januray 3, 2012 Olga Levy Drucker is still alive and well.
Why would a bank put a court levy on your account?
A court levy is actually put in place by a court, the bank is required by law to comply with the court. The reason the court may have put a levy on your account is usually due to an unpaid debt. I would contact your bank and try to find out the details. In most places, the bank is required to provide notification of a levy, but not until after the levy action has taken place.
What is exactly tax levy and where can I find more info about it?
A tax levy is how much the government (state or federal) is taxing a certain item. If a pack of cigarettes cost $3 and the taxes coming out is $2, then $2 is the tax levy. Levy means "to put on" or similar, so it means "to put a tax on" something basically.
By what means does the government raise revenue?
levy on family islands
What is the meaning of levy taxation?
The word 'levy' means to raise (from the French verb) thus to 'levy taxes' is to raise taxes - or make the people pay tax.Strictly 'levy taxation' is incorrect use of English as 'taxation' is the process of rasing taxes' and levy 'taxation' (rather than 'tax') would read 'raise raise tax'.
Can someone put a levy on your tax return?
In the United States, a levy can be put on your tax *refund* by various means. (Your tax return is the paper you file with the IRS.)
Can you Explain sentence meaning for levy?
It means to collect( taxes, fees, etc.)
Is William levy guilty?
This is a question that requires an opinion, which means we can't answer truthfully.
Is Levy a Jewish name?
Yes. It means "joining" and the people with this name were originally Levites.
Can credit card accounts be levied?
No. Levy means to impose a tax or fine on someone. For example: The town has the right to levy fines on anyone who is caught dumping on city property.
What does Drove your Chevy to the levy but the levy was dry?
In American pie..what does the word levy mean? "drove my Chevy to the levy, but the levy was dry"
In what year did Levy Acquisition Corp - LEVY - have its IPO?
Levy Acquisition Corp. (LEVY) had its IPO in 2014.
The sixteenth amendment provided for?
A means for congress to levy personal income.
Is Eugene Levy and dan levy from MTV Canada related?
Yes Dan Levy is Eugene Levy's son.
