Bank Levy Release
Do you have an IRS bank levy? If so, we may be able to help. Our law firm has years of experience in negotiating the release of IRS bank levies. To find out how we may be able to help you, contact us today by calling 1‑888‑TAX‑LADY or by using our contact form.
The purpose of the IRS is to collect taxes on behalf of the federal government. If a taxpayer does not pay their taxes, the IRS will demand payment through phone calls, field visits and letters. If the taxpayer disregards the demands for payment, the IRS will give legal notice that it will resort to other means to collect the taxes. The IRS does not have to provide any further notice before beginning collection activity. One method that the IRS uses to collect overdue taxes is through issuing bank levies.
An IRS bank levy is when the IRS simply sends a letter accompanied with an IRS levy notice that they are seizing a taxpayer’s bank account. The bank is instructed to freeze all funds that are in the account and to forward the funds to the IRS. Banks are obligated to follow the instructions of the IRS and the IRS imposes serious penalties upon banks that disregard levies. The IRS commonly uses bank levies as a way for collecting back taxes. These types of levies are most commonly sent to banks. However, the IRS can seize funds from any institution, business or individual that has funds belonging to the taxpayer. For example, the IRS can seize funds from a utility company holding a deposit, an escrow company, an investment company, a stock broker, etc.
An IRS bank levy can have a devastating impact on a taxpayer’s financial situation. Taxpayers can avoid bank levies by not waiting for the IRS to start collection efforts and by resolving their account beforehand. Our tax professionals have conducted hundreds of bank levy release negations over the years. If you are seeking IRS protection contact us today.
