What is a levy?
A levy is an amount that is withheld from your distribution under a court order from a government agency for a debt that you owe, and remains in effect until the levy is released. The amount withheld is remitted directly to the levy holder. Levies are imposed to collect unpaid income taxes, child support payments, delinquent student loans and other legal obligations.
On March 19, 1998, new federal copyright legislation came into force. Among other things, the legislation provides for a levy to be collected on blank audio recording media. It is called a levy (and not a tax) because it is not collected by any level of government, it is collected by a group representing the recording industry. In a letter to the Copyright Board of Canada released Monday, January 18, 1999, the five collectives that filed tariffs for a proposed levy on blank audio recording media announced the creation of the Canadian Private Copying Collective (CPCC). The Copyright Board decides on the amount of the levy and what media it applies to. The CPCC submits its proposed levies and the Copyright Board holds hearings to hear any objections to the proposed levy amounts. Note that the Copyright Board CANNOT change the law, they can only determine the levy value and the media to which it will apply. The levy can be set for a 1- or 2-year period. So far, all of the periods set and
A levy is a legal seizure of your property to satisfy your tax debt. Levies are different from liens in that the levy is the actual enforcement of the lien. In other words, while a lien is a claim used as security for the tax debt, the levy actually takes your property to satisfy the tax debt. A levy is a serious event in which the IRS takes legal ownership your assets (then sells the assets, if necessary, to pay the taxes you owe). Levies can occur in many ways. If you do not pay your taxes, the IRS can sieze and sell property that you hold in your possession (your car, boat or house) or the IRS can take property that is yours but is held by someone else (your wages, bank accounts, retirement accounts, dividends, account receivable, etc.). Fortunately, levies do not come out of the blue. The IRS is required to make you aware that they are about to take your property. Federal law requires the IRS to send you a Final Notice of Intent to Levy and Notice of your Right to a Hearing. This i
