IRS Bank Levy (Bank Account Levy) Can they Really Do That??
It is daunting to realize that the IRS has put a levy on your bank account. It's going to change your and your family's life greatly. What is there to do?
These are some reasons why the IRS would put a levy on your account:
Unsettled tax to the IRS
Unfiled tax returns to the IRS
Your IRS notices haven't been received because you moved.
Your installment agreement with the IRS was not honored.
The IRS employs levies as a way to punish you, the taxpayer, for not paying taxes. A Notice of Levy will be served to the bank and is attached to your account. All of it can be taken by the IRS. The bank, though, doesn't have to give the funds to the IRS for twenty-one days. The levy's date is the start of the 21 days. Move quickly. You have to make arrangements with the IRS about your taxes before the waiting period is up. You can't use the money in your account, however, until the IRS cancels the levy.
Release of a IRS Bank Levy (Bank Account Levy)
One of these can release a bank account levy:
Offer to compromise, file for bankruptcy, or pay your taxes in full
Prove that the statute of limitations for collections have expired if ten years have lapsed from the assessment date.
Prove to the IRS that the taxes can be settled if the levy is released.
An installment deal
Prove that the levy will result in financial hardship.
The money is more than what you need to pay to the IRS.
Find out how to qualify in any of these categories. You should contact the IRS officer in charge of the levy. If this doesn't work, make an appointment with the supervisor. Provide the information necessary, make arrangements to settle your taxes, or ask for an appeal. If this all seems daunting, then you may want to call someone such as Tampa Tax Attorney, Darrin T. Mish. He represents clients all over the United States with IRS Problems. Why not give him a call for a free consultation at (888) 438-6474 Tollfree.
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Comments on IRS Bank Levy (Bank Account Levy) Can they Really Do That??
irs problem about 8,000.00 worth fail on my installment agreement with the irs,at present time sending in for another installment plan, as of aug 15 08 in the mail but look like every tax cycle i owe look like i cant see the light at the end of the tunnel HELP.