The Internal Revenue Service (IRS) can utilize its jeopardy levy function (i.e., taking a taxpayer’s assets) to pursue a taxpayer’s assets prior to issuing a jeopardy assessment (i.e., telling a taxpayer how much they owe). In Chief Counsel Advice (CCA) 201830013, the IRS clarified the circumstances in which it would take such drastic steps. In [...]
In certain instances, the IRS can issue a jeopardy levy to seize available assets without the taxpayer’s knowledge. The IRS does not use this form of enforced collection action often but, when the IRS uses it, the consequences can be devastating. In most instances, prior to proceeding with levy action, the Internal Revenue Service (IRS) [...]