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IRS Bank Levies are usually 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 lead to a severe financial hardship for you, the IRS may hold off on collecting, however the debt will still remain.
Another common method happens when the IRS contacts your bank and asks them to freeze the available funds in your account for a period of 30 days. We can help you but you have to call now! The longer you wait, the less likely it is to get a bank levy released.
An IRS bank account levy is when the IRS seized funds directly from your bank account to cover the back tax liabilities you owe. Usually, the IRS calls your bank regarding your taxes owed. Next, your bank has to freeze your assets for 21 days from the date it receives the IRS notice. As a result, if you don't take action during that time, the bank delivers all the funds to the IRS.
An IRS bank levy will only affect the existing funds in the account. Once your bank activates the bank levy, it will not impact 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 is true even if it produces checks to be returned as well as overdraft account charges. 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 uses this enforcement collection strategy after attempting to get in touch with you multiple times without getting a response.
Three Requirements need to typically be met before the IRS will levy:
They may present 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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