The IRS generally only levies retirement account funds when there are no other alternatives. If you don’t have other valuable assets and have failed to cooperate with the IRS, it’s possible that the money in your retirement account will be seized. However, there are many ways to avoid a retirement account levy, and there are… Read more »
If you’re having tax problems
To get a levy released, you’ll need to contact the IRS and give them an acceptable reason for releasing the levy. Generally, you can request a levy release if you’ve worked out a payment arrangement, are experiencing an economic hardship due to the levy, or the IRS failed to follow the correct procedures.
What is a Collection Due Process Hearing? A collection due process (CDP) hearing gives you one last chance to avoid a federal tax lien or tax levy. You will know you have a right to request a CDP hearing because you will receive a CDP notice. This notice is sent when any of the following… Read more »