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Notice of Bank Levy
An IRS bank account levy occurs when the IRS seizes funds directly from your bank account to cover back taxes you owe.
This is one of the IRS’s most aggressive collection enforcement actions and is used only after trying to contact you several times, with no response. After receiving a “Final Notice of Intent to Levy and Notice of Your Right to A Hearing,” you have a 30-day window to respond to the IRS and remedy your situation before your funds are frozen. We're here to help you get the best possible settlement with the IRS – before you lose access to your bank account funds.
Notice of Bank Levy
An IRS bank account levy occurs when the IRS seizes funds directly from your bank account to cover back taxes you owe.
This is one of the IRS’s most aggressive collection enforcement actions and is used only after trying to contact you several times, with no response. After receiving a “Final Notice of Intent to Levy and Notice of Your Right to A Hearing,” you have a 30-day window to respond to the IRS and remedy your situation before your funds are frozen. We're here to help you get the best possible settlement with the IRS – before you lose access to your bank account funds.
If the IRS Freezes Your Bank Account, You Won't Have
Access to Your Funds!
And Unless You Resolve Your Situation Immediately, Those Funds will be Taken by the IRS! The Tax Problem Solver Team is Here to Help.
TAX PROBLEM: When the IRS engages in enforced collection of a tax debt it almost always begins with the taxpayer’s bank accounts and wages.
An IRS bank levy occurs when the IRS places a hold, or freezes your bank account. This is done in order to seize the funds in your bank account to pay off back taxes that you owe. Once the freeze is put into place, you have only 21 days before the bank turns over those funds to the IRS. Even worse, if the IRS levy does not seize the full amount of back taxes that you owe, they will continue place levies on your bank account once additional funds are available, as long as you owe back taxes. Usually, this is the last line of defense for the Internal Revenue Service, and they always mean business – especially when things have reached this level. You need the TaxProblemSolver.com legal team to prevent the IRS from seizing your bank accounts and assets in the first place!
CONSEQUENCE: After the 30-Day Grace Period that begins from receipt of the 'Final Notice of Intent to Levy' Letter, if the IRS Decides to use a Bank Levy, it Tracks Down Your Bank Account.
In some cases, the IRS has your banking details from previous tax returns, and in other cases, it uses your social security number to find your bank account. Next, the IRS will send Notice of Levy on Wages, Salary, and Other Income to your bank. Your bank must comply and freeze the funds. While your account is frozen, you won’t be able to withdraw the money. At this point, you have an additional 21 days to resolve the situation, otherwise, the bank will remit the funds to the IRS on the 22nd day.
If you don’t reach out to the IRS during that time, the funds in your account go directly to the IRS. If the bank doesn’t comply, the IRS holds them liable for the debt. As a result, the bank always tends to comply with these demands for payment.
An IRS bank account levy is probably the harshest collection mechanism used by the IRS. Can you imagine not having access to your money because the IRS took control of your account? It is important to take action as soon as possible to limit the effects of the levy.
SOLUTION: Let Us Represent You to Prevent or Stop a Bank Levy from Freezing Your Bank Accounts.
The IRS only uses levies as a final solution for unresponsive taxpayers. The agency would much rather work with taxpayers and their representatives to reach a solution that works for everyone. If you are facing a levy, you should get help immediately. A Tax Problem Solver Team professional can help you successfully negotiate a payment plan, apply for a settlement, or get hardship relief. We know what works, and we know how to achieve the best results for each of our clients' specific situations.
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Larry Talks About How He and The Tax Problem Solver Team will Work with You to Create a Game Plan to Solve Your Tax Debt Situation Before It Gets Worse.
Unlike Our Competitors, We Employ Only Accomplished and Compassionate Tax Attorneys
and Tax Resolution Specialists, Who Work as a Team to Solve Your Problems.
Click any portrait to see their bio on our Team page.
LARRY HEINKEL, J.D. LL.M.
TAX & BANKRUPTCY ATTORNEY
APRIL SERRANO, E.A., CTRS
President & Partner
Peter R. Lazzari, CPA
Senior Tax Director
Deann L. Wojcicki, CPA
ASSOCIATE DIRECTOR,
CLIENT ACCOUNTING SERVICES
JOE MCDERMOTT, E.A.
FORMER IRS APPEALS OFFICER