A levy is a legal seizure of your property used to satisfy a tax debt. Even if you are at that point of threat or actual levy, there are many successful ways to stop the action and find alternatives.
If you are subject to a levy, you will receive a notice from the IRS. If you do not pay the tax or contact the IRS within 30 days of the date of the letter, the IRS can and will levy your income, assets and even social security benefits.
Possible financial relief options:
Determination of Currently Not Collectible Status-you may be able to prove that economic hardship exists and you don’t have sufficient cash flow to pay anything. If this is the case, they are required to stop collection action. This is generally temporary and interest and penalties are continued to be added to your debt.