Levy

Levy
The legal seizure of property to satisfy a debt. In the U.S., the Internal Revenue Service (IRS) has the authority to levy an individual's property, such as a car, boat, house or property belonging to the individual that is held by someone else, including wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, commissions or the cash loan value of a life insurance policy. A levy differs from a lien because a levy takes the property to satisfy the tax debt, whereas a lien is a claim used as security for the tax debt.

Certain procedures must be followed and requirements met before enforcing a levy. In the U.S., for example, the IRS must first assess the tax and send a Notice and Demand for Payment, and after the individual's neglect or refusal to pay the tax, send a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (levy notice). This must be sent at least 30 days prior to the levy, and can be given in person, left at the person's home or place of business, or sent to the person's last known address. A state tax levy applies to unpaid state taxes.


Investment dictionary. . 2012.

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  • Levý — Levy, Levý oder Lévy ist der Familienname folgender Personen: A Alan Levy (1932–2004), amerikanischer Journalist Albert Levy (1862–1922), Vorsitzender der Centrale für private Fürsorge, Sozialarbeiter Alexandre Levy (1864–1892), brasilianischer… …   Deutsch Wikipedia

  • Lévy — Levy, Levý oder Lévy ist der Familienname folgender Personen: A Alan Levy (1932–2004), amerikanischer Journalist Albert Levy (1862–1922), Vorsitzender der Centrale für private Fürsorge, Sozialarbeiter Alexandre Levy (1864–1892), brasilianischer… …   Deutsch Wikipedia

  • Levy — Levy, Levý oder Lévy ist ein jüdischer Familienname. Herkunft und Bedeutung Der Name leitet sich vom israelitischen Stamm Levi ab. Varianten Levey Levi, Lewi, Lewis, Lewy Bekannte Namensträger Inhaltsverzeichnis A B …   Deutsch Wikipedia

  • Levy — or Lévy may refer to:*Levy County, Florida * Forced labor; see conscription or national service * An imposition of a tax * A judicial remedy where the property of a judgment debtor is seized for public sale to satisfy a monetary judgment * An… …   Wikipedia

  • levy — 1 / le vē/ n pl lev·ies 1: an act of levying: as a: the imposition or collection of a tax b: the seizure according to a writ of execution of real or personal property in a judgment debtor s possession to satisfy a judgment debt 2: an amount… …   Law dictionary

  • Levy — Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom.  Pour les articles homophones, voir Levi, Lévi (homonymie), Lévis (homonymie) et Lévy. Les Levy sont dans la religion juive et dans l Ancien… …   Wikipédia en Français

  • LÉVY — LÉVY, family of French publishers. MICHEL (1821–1875) was born in Phalsbourg, Lorraine. He studied at the Paris music conservatory, but, finding that he lacked talent, abandoned his studies and became a secondhand bookseller. Lévy first sold… …   Encyclopedia of Judaism

  • LÉVY (J.-P.) — Jean Pierre LÉVY 1911 1996 «Jean Moulin n’a nul besoin d’une gloire usurpée: ce n’est pas lui qui a fondé Combat , Libération , Franc Tireur : c’est Frenay, d’Astier, Jean Pierre Lévy.» Ces mots d’André Malraux donnent à Jean Pierre Lévy, mort à… …   Encyclopédie Universelle

  • Levy — Lev y, v. t. [imp. & p. p. {Levied} (l[e^]v [i^]d); p. pr. & vb. n. {Levying}.] 1. To raise, as a siege. [Obs.] Holland. [1913 Webster] 2. To raise; to collect; said of troops, to form into an army by enrollment, conscription, etc. [1913 Webster] …   The Collaborative International Dictionary of English

  • LÉVY (P.) — LÉVY PAUL (1886 1971) Mathématicien français né et mort à Paris. Ingénieur au corps des Mines, docteur ès sciences en 1912, Paul Lévy enseigna l’analyse à l’École polytechnique de 1920 à 1959, ainsi que l’analyse et la mécanique à l’École… …   Encyclopédie Universelle

  • LÉVY — LÉVY, family of musicians in mid 18th century Paris. They were probably admitted to reside in Paris by Louis XV among the limited number of merchants and representatives of liberal professions. The talented members of the family enjoyed… …   Encyclopedia of Judaism

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