Levy on Intangible Property Form 668-W & Form 668-A

Notice in the mailThere are two types of forms the IRS may use when attempting to levy intangible property from a taxpayer. Both of these forms theoretically accomplish the same thing but one is very specific in what it is able to levy and the other is broader based and only used in unusual situations where the IRS is attempting to levy a taxpayer’s rights to an asset and not their wages.

Form 668-W & Form 668-A

The first form is Form 668-W (Notice of Levy on Wages, Salary, and Other Income) and is used to levy wages or salaries for personal services, or account receivables for personal services.

The second form that the IRS may use is Form 668-A (Notice of Levy), this form is used to levy all other types of intangible property that is not listed on Form 668-W or property rights belonging to the taxpayer. This means that even if you are not in possession of an asset, the IRS can still levy the rights that you own no matter where the property is located. A Notice of Federal Tax Lien does not have to be filed by the IRS prior to the Notice of Levy being issued.

The Notice of Levy can be given to the third party that has control of the wages or rights in person, by mail, or by fax. After the Notice of Levy has been successful given to the third party, a copy of the notice will be sent to the taxpayer a few days later.

About Paul Gaulkin CPA

Paul Gaulkin is a Certified Public Accountant and enrolled with the U.S. Treasury to practice before the IRS. Mr. Gaulkin possesses unique technical knowledge in the process of securing relief for taxpayers nationwide with IRS and State tax problems. With an accounting degree from Florida International University, he is able to transform complex tax and accounting problems into easy to understand solutions.

Comments are closed.