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An IRS bank levy occurs when the IRS puts a hold, or freezes your bank account. The levy is done in order to seize funds in your bank account to pay off back taxes that you might owe. Once the freeze is put into place, you have 21 days until the bank turns over those funds to the IRS.
A bank account levy is a kind of Tax Levy used by the IRS to collect back taxes owed within the law. An IRS levy allows the legal seizure of your property to fulfill a tax debt. It can garnish wages, take money in your bank or other financial account, confiscate and sell your car(s), real estate and other personal property.
Our tax professionals are standing by prepared to address your questions and assist you before the IRS levies your account to satisfy a tax debt.
An IRS bank levy is a serious enforcement action taken by the Internal Revenue Service (IRS) to collect unpaid taxes from individuals or businesses. It involves freezing a taxpayer's bank account and seizing funds to satisfy a tax debt owed to the government. Here's a closer look at what IRS bank levies entail and how they can impact taxpayers in Costa Mesa, California.
When the IRS decides to levy a taxpayer's bank account, it sends a notification to the bank, instructing them to freeze the account and withhold funds up to the amount owed in taxes. This freeze typically lasts for 21 days, during which the taxpayer has an opportunity to resolve the tax debt or challenge the levy through legal means.
An IRS bank levy is just one type of tax levy used by the IRS to collect back taxes within the bounds of the law. In addition to freezing bank accounts, the IRS can levy other assets to satisfy a tax debt. This may include garnishing wages, seizing money from other financial accounts, confiscating and selling personal property such as cars or real estate, and more.
The consequences of an IRS bank levy can be severe and can have a significant impact on a taxpayer's financial well-being. In addition to the immediate freeze on bank accounts, a levy can disrupt cash flow, create financial hardship, and lead to additional enforcement actions by the IRS if the tax debt remains unresolved.
At Tax Alliance, our team of tax professionals is well-versed in dealing with IRS bank levies and helping taxpayers navigate the complexities of tax debt resolution. We understand the urgency and seriousness of IRS levies and are prepared to address your questions and concerns promptly.
If you're facing an IRS bank levy in Costa Mesa, California, don't wait until it's too late. Contact Tax Alliance today for expert assistance in resolving your tax debt and dealing with IRS levies. Our experienced team will work tirelessly to protect your rights and interests and help you achieve relief from the burden of IRS collection actions.
For more information about IRS bank levies and how Tax Alliance can assist you in Costa Mesa, California, contact us at 800.987.3051 or visit our website at TaxAlliance.com. Let us help you resolve your tax debt and regain control of your financial future.
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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