Tax levies are basically the seizing of your property by the IRS due to an outstanding debt that you have owed for a period of time. Usually, levies are imposed in extreme cases. They only happen when several chances to pay the debt have been missed or ignored; or, when a taxpayer undergoing a tax relief program fails to keep his end of the bargain. Levies are, then, the most drastic measures and usually mean you are in big trouble.
What happens when the IRS seizes your assets? The IRS intends to sell your property as soon as possible, so there's a very small window of opportunity to get it back. Meaning, you must act fast. Yes, there is still a chance to get your property back. It may be slim, but it's still worth trying.
To get your assets back, you must pay the full amount of the debt owed, including penalties and interest incurred. Of course, the chances of this being an option are quite slim, so there are other options to take. If you can prove that your health is affected by the levy, you could declare financial hardship in an attempt to redeem your assets. You can also prove that the property that was seized is important to the operation of your business and is needed to generate revenue.
If you weren't already on a tax relief program before the levy was imposed, you can try to negotiate for one now - particularly the Offer In Compromise or the installment agreement plan. However, once tax relief is granted by the government, there are usually no second chances from there on.
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