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IRS Bank Levies are usually released when you repay your tax debt. Depending on the circumstance, we can appeal and have the IRS release a levy. If the levy would create a severe economic hardship for you, the IRS might hold off on collecting, however the debt will still exist.
Another common strategy occurs when the IRS contacts your bank and asks them to freeze the available funds in your account for a duration of thirty days. We can assist you but you must 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. Typically, 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 react during that time, the bank sends all the funds to the IRS.
An IRS bank levy will only affect the current funds in the account. Once your bank activates the bank levy, it will not affect any future deposits. The IRS can release an additional bank levy later on. However, this hardly ever happens.
The bank places a hold or "freeze on the account" on the funds in the account. This holds true even if it creates checks to be returned and 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.
Normally, this is the last line of defense for the IRS. The IRS only uses this enforcement collection strategy after trying to get in touch with you several times without getting a response.
Three Requirements have to typically be met before the IRS will levy:
They may give you this notification in person, leave it at your residence or usual place of work 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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