What does tax levy mean?
Definitions for tax levy
tax levy
This dictionary definitions page includes all the possible meanings, example usage and translations of the word tax levy.
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Wikipedia
Tax levy
A tax levy, under United States Federal law, is an administrative action by the Internal Revenue Service (IRS) under statutory authority, generally without going to court, to seize property to satisfy a tax liability. The levy "includes the power of distraint and seizure by any means". The general rule is that no court permission is required for the IRS to execute a tax levy. While the government relies mainly on voluntary payment of tax, it retains the power of levy to collect involuntarily from those who persistently refuse to pay. The IRS can levy upon wages, bank accounts, social security payments, accounts receivables, insurance proceeds, real property, and, in some cases, a personal residence. Under Internal Revenue Code section 6331, the Internal Revenue Service can "levy upon all property and rights to property" of a taxpayer who owes Federal tax. The IRS can levy upon assets that are in the possession of the taxpayer, called a seizure, or it can levy upon assets in the possession of a third party, a bank, a brokerage house, etc. All future statutory references will be to the Internal Revenue Code unless noted otherwise.
Numerology
Chaldean Numerology
The numerical value of tax levy in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of tax levy in Pythagorean Numerology is: 1
Examples of tax levy in a Sentence
The biggest tax levy by Washington is an uncertainty tax, and it's the biggest threat to the markets and the economy this year.
We have never failed a tax levy, with the tax shift, I’m starting to hear from some people that they may not be able to afford to vote ‘yes,’ because they can’t afford it.
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"tax levy." Definitions.net. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.definitions.net/definition/tax+levy>.
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