When is a Levy Issued?
Technically, there is no legal difference between a levy and a seizure. The IRS uses these terms to specify who was the custody of the property that was taken, either a third party or the taxpayer himself. For the purpose of this discussion we will term property taken from a third party as a levy and property taken directly from the taxpayer as a seizure.
As with the NFTL, the IRS can not levy until the three requirements (notice, demand, and notice of intent to levy) have been issued. These notifications can occur after the NFTL process or in conjunction with it, depending on the specific circumstances.
The Letter 1058, Final Notice of Intent to Levy and Notice of Your Right to a Hearing, must Read more