Levy versus lien
A federal tax lien is a claim against property. A levy is the actual seizure. People use the words interchangeably; the IRS does not. A wage levy (garnishment) repeats until released. A bank levy is typically a one-time freeze of funds on deposit as of the levy date, with a short hold before the bank remits the money.
What should have arrived first
The IRS is generally required to assess the tax, send notice and demand, and send a final notice of intent to levy (often with Collection Due Process rights) before levying. If those steps were skipped or the notice went to an old address, that matters. If they were followed and ignored, the levy is still painful—and still something representation can address going forward.
Release and alternatives
Release is more likely when you enter an installment agreement, qualify as currently not collectible, or show that the levy is creating immediate economic hardship. An offer in compromise is slower and is not a same-day levy stop by itself. Matthew Wright, EA, NTPI Fellow, handles levy and garnishment cases nationwide from North Texas. Say so in the first line of your message if a levy is active.