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Posts Tagged ‘bank levy’

What to Do When You Have a Bank Levy

In a bank levy, the IRS requests that a bank transfer funds from a delinquent taxpayer’s bank account to settle back taxes. A bank levy can cause financial strain on the taxpayer, as the entire amount of the account – up the full amount owed – can be taken. 1. Contact the IRS To get a levy released, you may either contact the IRS yourself or have ...

The Truth About Bank Levies

October 02, 2014  |   Tax News   |   Tags: , ,  

A bank levy is a seizure of liquid assets from a financial account by the IRS on an individual who has either ignored her or his tax debt, or is delinquent with a formal payment agreement. The amount seized can be up to the full amount of the debt owed and can be taken from any financial account that has the debtor’s name on it. If, for instance, the taxpayer’s name is on a parent’s ...