What Is an IRS Tax Levy?

An IRS tax levy is the actual seizure of your property to satisfy a tax debt — it's more serious than a lien. The IRS can levy your bank account, wages, Social Security benefits, and even seize physical property. Before levying, the IRS must send several notices and give you a chance to respond. If you receive a Final Notice of Intent to Levy, act immediately — you have 30 days to request a Collection Due Process hearing. Taking action quickly is key to stopping a levy.