IRS Bank Levy

Have an IRS Bank Levy ? Your taxes were filed some time ago. You owed money, but didn’t send it in with your return. The Notice and Demand for Payment was trashed or still lies unopened in your bill pile. You don’t answer your phone or return calls. When the Final Notice of Intent to Levy and Notice of Your Right to A Hearing comes in the mail, you set it aside.

You don’t understand it, but you’ll read it again later and figure it out. Sound familiar? And then it happens.

An IRS levy was placed on your property, your wages were garnished, or maybe the IRS issued an IRS bank levy. The IRS wants you to know they are serious about receiving the tax debt that you owe them.

An IRS levy is a legal seizure of property. The monies gained from the sale of the property will be used toward the satisfaction of your outstanding tax debt. Thirty days are given from the date on the Notice of Intent to Levy to file an appeal.

IRS Tax Levies

The IRS can also seize the money in your bank account through an IRS bank levy. Any bank account where the person who owes taxes has the unrestricted right to withdraw funds is subject to seizure regardless of how many people are on the account. After receiving the IRS bank levy, the bank will hold the funds in the account for 21 days. This time can be used to settle any dispute about the ownership of the account, or a waiver can be signed by the taxpayer to send the money to the IRS immediately. In addition to the amount of money in your account, up to the amount of the levy, you can also expect to pay the IRS the interest that the held money accrued for the 21 day wait period along with a processing fee to your bank.

Do you feel your account has been wrongfully levied? We will work with you to provide the necessary form to the IRS. Don't panic. After the initial IRS bank levy, any further deposits into the account require an additional levy from the IRS. Allow our tax experts to help you understand your rights. Let us determine what action can be taken toward receiving an IRS tax levy release.

A wage garnishment is a legal way for the IRS to collect money for your tax debt without you paying them directly. Your employer will be notified of the wage levy and be required to give the IRS their portion of your net pay prior to your paycheck being released to you. While there are limits and guidelines that dictate the amount the IRS is allowed to garnish, it still leaves you with minimal funds to live on.

Has the IRS levy caused you significant economic hardship? Are you willing to make an acceptable payment plan for the taxes owed or submit an offer of compromise? Is it just a big misunderstanding? It’s not too late, but immediate action is needed.

Put our team of tax professionals to work for you. Let us evaluate available options for an IRS levy appeal or petition the IRS for an IRS tax levy release. We are here for you. Contact us today as the first step in reaching your goal to receive an IRS tax levy release.