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An IRS bank levy is initiated when the IRS places a hold or freeze on your bank account. This action is taken to seize funds from your account in order to settle any outstanding tax debt you may owe. Once the freeze is enacted, you have a 21-day window before the bank transfers those funds to the IRS.
An IRS bank levy is a specific type of Tax Levy employed by the IRS to collect overdue taxes within the bounds of the law. It enables the legal seizure of your assets to satisfy a tax debt. This can encompass wage garnishment, withdrawal of funds from your bank or other financial accounts, as well as the seizure and sale of your vehicles, real estate, and other personal property.
Our team of tax professionals is readily available to address your inquiries and provide assistance before the IRS enforces a levy on your account to settle a tax debt.
What Triggers an IRS Bank Levy?
An IRS bank levy is typically triggered when you have outstanding tax debt that remains unpaid. If the IRS has attempted to collect the debt through other means without success, they may resort to a bank levy to seize funds directly from your bank account. Understanding the triggers and taking proactive steps is crucial to avoid such levies.
How Does the IRS Bank Levy Process Work?
The IRS bank levy process begins with the IRS placing a hold or freeze on your bank account to seize funds. This legal action is taken to settle any overdue tax debt. Once the freeze is in effect, you have a 21-day window before the bank transfers the seized funds to the IRS. It's vital to act swiftly during this period to address the levy and explore available options.
What Assets Can the IRS Seize Through a Bank Levy?
An IRS bank levy is part of the IRS's broader strategy to collect overdue taxes. Beyond freezing your bank account, it can lead to various asset seizures. This may include wage garnishment, withdrawal of funds from your bank or other financial accounts, and in extreme cases, the seizure and sale of your vehicles, real estate, and other personal property. Understanding the scope of potential seizures is crucial for proactive tax planning and resolution.
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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