Can IRS levy broker account?
Q.I am late in filing 99 returns and receive CP-515. Will IRS levy or freeze my broker account? What are the signs that IRS is going to freeze one's account? I am still preparing the delayed tax return but that's some scaring questions come into my mind. By the way, if I stay less than 183 days in the US and I will become non-US resident, will IRS freeze non-US resident account for past tax due?
A.A levy is proceeded by a series of notices, the last of which is the Letter 1058. It comes certified. If you cooperate they will not levy. A levy does not freeze the account. It only attaches to funds in the account on the date it is received. Mike Wellman, CPA Visit the award winning website http://www.IRSOS.com for free information dealing with IRS Notices, wage garnishments, bank levies, payment agreements, delinquent returns, examinations, seizures and Offers in Compromise. Levy action can be taken only after a tax liability is assessed. No liability can be assessed unless you file a return or the IRS calculates one for you and notifies you of the action. They'll do that if you don't get off your duff and file the return
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