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What is the IRS Bank Levy? An IRS bank account levy is when the IRS confiscated funds directly from your bank account to cover the back tax obligations you owe. Usually, the Internal Revenue Service calls your financial institution regarding your taxes owed. Next off, your financial institution must freeze your assets for 21 days from the day it receives the IRS notice. Consequently, if you don't take action throughout that time, the bank sends out all the funds to the Internal Revenue Service.
An Internal Revenue Service bank levy will certainly only affect the here and now funds in the account. In fact, once your bank triggers the bank levy, it will not affect any kind of sort of future down payments. The Internal Revenue Service can release an additional bank levy later. However, this seldom occurs.
The bank puts a hold or "freeze on the account" on the funds in the account. This is true even if it develops checks to be returned along with overdraft account costs. The bank needs to wait 21 days prior to sending out the funds to the IRS. If the levy is not released throughout this moment, after that complying with the day the funds will certainly be sent out to the IRS.
Generally, this is the last line of safety for the Internal Revenue Service. The IRS only uses this enforcement collection method after attempting to call you numerous times without getting an answer.
3 Requirements have to generally be met before the Internal Revenue Service will levy:
They might provide you this notification face to face, leave it at your house or typical workplace or send it to the last known address they have on file, for you by licensed mail, return invoice asked for.
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If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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