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Facing an IRS Bank Levy? We Can Help!

A bank levy is a collection method used by the IRS to seize funds from your bank account when you owe back taxes. They can remove the full amount in your account, up to the amount you owe, and apply it to your outstanding tax debt balance. The IRS can place a bank levy on checking accounts, savings accounts, joint bank accounts, and even your retirement accounts.

The IRS Bank Levy Process

The IRS is required to take certain steps before it can levy your bank accounts. You should receive several letters requesting payment of the tax debt, followed by a Final Notice of Intent to Levy. If you do not respond within 30 days, the IRS will move forward with the bank levy.

Once the IRS bank levy is attached to your bank account, the bank is required to hold the funds for 21 days. During this timeframe, you can still make arrangements with the IRS to satisfy any unpaid tax debts or prove the bank levy is causing extreme financial hardship. If no agreement is made, the bank must send all funds to the IRS to be applied to your tax debt.

Any funds deposited into your account after the levy is initiated will still be available to you. The IRS, however, may place multiple bank levies on your accounts until the tax debt is paid in full.

Ways to Avoid a Bank Levy

If you receive a Final Notice of Intent to Levy do not ignore it. Contact a tax professional immediately to get the help you need before it’s too late. There are several ways you can avoid a bank levy, but the clock is ticking.

Don’t risk losing your hard-earned money. Get help now! 833-803-4222