![]() ![]() ![]() In other words, if you owe money to the IRS to pay taxes and have not been able to pay or make other arrangements, the IRS has the legal right to seize some of your possessions. And if you’re not careful, the lyrics in the chorus of your own personal song could include the phrase “lost my Chevy to a levy.” Please allow me to explain.Īccording to the IRS’ definition, a levy is a legal seizure of your property to satisfy a tax debt. But even though they sound the same, Don McLean’s levee in his classic hit “American Pie” is very different than the levy the IRS is talking about when they send you a tax bill. For many of us, when we hear the word “levy,” our mind immediately takes us to the dreamy musical days of the 1950s when a carefree teenager drove his “Chevy to the levee” and thought about things like dancing in his high school gym. ![]()
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