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An IRS tax levy permits the legal seizure of your property to satisfy a debt. Find answers to common questions about a tax levy.This notice is your right to request a Collection Due Process (CDP) hearing prior to the IRS taking your property. The Court Officer must provide you with a completed. A Notice of Levy is issued when we are unable to collect or establish an approved DOR payment agreement on an outstanding tax liability. To remit funds, type the amount you are sending in the Levy Proceeds box for each levy. Special fund levies under sections 57-15-14 and 57-15-14. Continuous levies have a checkmark in the continuous column. Withholding or release of funds. Notice of Levy can be released in whole or in part.