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IRS Bank Levies are usually released when you repay your tax debt. Depending on the situation, we can appeal and have the IRS release a levy. If the levy would create a severe economic hardship for you, the IRS may hold off on collecting, but the debt will still remain.
Another common method occurs when the IRS contacts your bank and asks them to freeze the available funds in your account for a period of 30 days. We can help you but you need to call now! The longer you wait, the less likely it is to have a bank levy released.
An IRS bank account levy is when the IRS confiscated funds directly from your bank account to cover the back tax liabilities you owe. Normally, the IRS calls your bank regarding your taxes owed. Next, your bank has to freeze your assets for 21 days from the date it gets the IRS notice. Consequently, if you do not take action during that time, the bank delivers all the funds to the IRS.
An IRS bank levy will just impact the existing funds in the account. When your bank activates the bank levy, it will not impact any future deposits. The IRS can release an additional bank levy in the future. However, this hardly ever happens.
The bank places a hold or "freeze on the account" on the funds in the account. This is true even if it creates checks to be returned as well as overdraft account fees. The bank has to wait 21 days before sending the funds to the IRS. If the levy is not released during this time, then the following day the funds will be delivered to the IRS.
Typically, this is the last line of defense for the IRS. The IRS only utilizes this enforcement collection strategy after trying to get in touch with you multiple times without getting a response.
Three Requirements need to usually be met before the IRS will levy:
They might give you this notice in person, leave it at your residence or usual workplace or send it to the last known address they have on file, for you by certified mail, return invoice requested.
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!
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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