Ask the Taxman: I just picked up a certified letter from the IRS, Inside is a Final Notice of Intent to Levy. What does this mean? And how much trouble am I in?
Before the IRS can garnishment wages or seizure assets, they must inform you of the intent to do so. This letter talks about your right to appeal the proposed seizure before it occurs.
The IRS must wait 30 days after sending you the Final Notice of Intent to Levy before they can start collecting.
IMPORTANT: Within the next 30-day period, you MUST file an appeal with the IRS OR resolve the issue using any of the other resolution options (Offer in Compromise, Installment Agreement, Innocent Spouse or even Bankruptcy). Filing an appeal with the IRS will temporarily stop any IRS collection action until your case is heard by an IRS Appeals Officer.
It is critical that your case either be resolved within the next 30 days, or an appeal be filed to protect your rights and interests.