IRS Bank Levy: How Tax Bank Account Levies Work, How to Stop, & Help
An IRS bank account levy is the seizure of funds from your bank account to satisfy unpaid tax debt. The bank will freeze your account so you cannot do anything with your account for 21 days and then the bank sends the funds over to the IRS. Once those funds are seized it is highly unlikely that you will ever see them again. One important thing to realize is that the IRS does not want to levy your bank account and they would much rather settle your taxes in some other manner. It is likely that the IRS has tried repeatedly to make you pay and they have gotten no where so they use a levy as their last line of defense. It is important to understand how IRS bank levies work to ensure you take the appropriate actions to stop the levy while ensuring your future financial well being.
An IRS bank account levy is one of the harshest collection mechanisms used by the IRS. This method of collection is used to forcefully take from a taxpayers bank account in order to satisfy outstanding IRS tax debt. Understand exactly how this levy works and what you can expect if you receive one.
A bank account levy can be stopped but it is important to act quickly to resolve this before it is too late and bank account funds have been seized. There are many different methods to stop a bank levy. The method you use should be determined by your tax and financial situation. Understand your different options so you can make a wise decision about protecting your assets while keeping in mind your financial standing.
Questions and answers to commonly asked questions about IRS bank levies.
Need help with an IRS bank levy? We can help. Our partnered tax firms can stop the levy before the IRS seizes your money and resolve your tax problems while keeping in mind your financial well being. Understand what the benefits of using a tax professional are. Request a free consultation to talk with a tax specialist about stopping your bank levy and settling your tax debt.