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IRS Bank Levies are typically 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 might hold off on collecting, but the debt will still remain.
Another common strategy happens when the IRS contacts your bank and asks them to freeze the available funds in your account for a duration of 30 days. We can assist you but you have 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 seized funds straight from your bank account to cover the back tax obligations you owe. Typically, the IRS calls your bank regarding your taxes owed. Next, your bank must freeze your assets for 21 days from the date it receives the IRS notice. Consequently, if you don't react during that time, the bank delivers all the funds to the IRS.
An IRS bank levy will just 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 in the future. However, this seldom happens.
The bank places a hold or "freeze on the account" on the funds in the account. This holds true even if it produces checks to be returned as well as overdraft account fees. The bank has to wait 21 days before delivering the funds to the IRS. If the levy is not released during this time, then the following day the funds will be sent to the IRS.
Normally, this is the last line of defense for the IRS. The IRS only utilizes this enforcement collection method after trying to contact you multiple times without getting a response.
Three Requirements have to typically be met before the IRS will levy:
They could give you this notice in person, leave it at your residence or usual workplace or deliver 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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