We’ll End Your IRS Bank Levy for Good!
The most devastating IRS collection method is an IRS levy. This action is the IRS’ legal seizure of a taxpayer’s property and/or assets to satisfy an unpaid tax debt. Unlike an IRS tax lien, which only lays claim to a taxpayer’s property or assets, an IRS levy is the physical action of the government seizing and selling the assets.
When the IRS decides to issue a bank levy, it will notify a taxpayer’s financial institution and the taxpayer through a Notice of Intent to Levy. The bank will be legally bound to freeze all funds in all accounts under the taxpayer’s name, including checking, savings, joint accounts, and CDs.
The bank will hold the frozen funds for 21 days, which is a grace period for taxpayers to either make arrangements to pay the debt, or prove that the seizure of funds would put them in financial distress. If a taxpayer fails to do either, after the 21-day period, the funds are released to the IRS. Furthermore, if the IRS levy did not resolve the tax debt, the IRS may begin other collection actions.
When the IRS begins a wage garnishment, it will notify a taxpayer’s employer and the taxpayer through a Notice of Intent to Levy. Once received, the employer is required to seize a portion of the taxpayer’s paycheck or salary and send it to the IRS. This remains in effect until the entire back tax debt is paid off.
Taxpayers who have received a Notice of Intent to Levy need to call us today for a free consultation about their IRS levy.
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