How Do I Release An IRS Bank Levy?
- May 30, 2019
- Posted by: asal
- Category: Tax Resolution
If you don’t pay back taxes you owe to the IRS, they can seize your finances and assets. One of the most common ways the IRS seizes your assets is through a bank levy. A bank levy occurs when the IRS freezes your bank account. After 21 days, the IRS will eventually take funds to cover the money you owe. A bank levy can be a terrifying and stressful experience. However, if you consult a tax relief professional as soon as you get a bank levy, it will be more comfortable. Tax relief experts know what’s necessary to get you a bank levy release quickly and efficiently.
When will I know if the IRS is going to issue a bank levy?
You’ll know when the IRS is going to issue a bank levy because you’ll get a notice. You have 30 days to appeal the notice. However, the IRS will start collecting your assets after 21 days. If you don’t act quickly, the IRS can come after your account funds and property. The first thing the IRS will usually do is freeze your bank account. Then, after 21 days, the IRS will take the funds. If you don’t have enough money in your account, the IRS will come after your wages and property.
What happens after 30 days of being notified of a Bank Levy release?
If you don’t reach an arrangement with the IRS within 30 days, the bank levy will go into effect. Once the bank levy goes into effect, the IRS will freeze your account for 21 days. After that, the bank will send your funds to the IRS. You must take action within the 21 days and get help from a tax relief professional with a bank levy release. While you can contact the IRS directly, we don’t advise that you do. The IRS can be intimidating with which to deal. Also, the IRS will often respond more favorably when they’re working with a tax attorney. Once the IRS takes your money, it’s hard to get it back. Do not wait until the last day to try and get a bank levy release from a tax relief expert. The process for getting a bank levy release can take a few days.
What does a bank levy affect?
A bank levy will affect the money you currently have in your account. A bank levy does not affect other deposits into your account. Your check and cash deposits will remain untouched by the IRS. However, if the IRS is also garnishing your wages, then your deposits could be at risk.
How can I stop an IRS bank levy?
There are a few ways to prevent an IRS levy. It all depends on your financial situation and the particular case with the IRS. You might be able to use one of the below methods to find a solution to your bank levy. When you receive notice of a levy, contact a tax relief professional. A tax resolution expert is the only one who can advise you on what to do in this situation.
Request a Collection Due Process Hearing
You can request a Collection Due Process hearing. Once you receive your final notice, you have 30 days to request this hearing. If the IRS grants you the request, you’ll have time to work with a tax relief expert to find a resolution with the IRS. It’s advisable that you request this hearing before the IRS freezes your accounts.
Pay back taxes in full
Paying back taxes in full is your best option for tax relief. However, paying back taxes in full is not always possible. If you can pay your back taxes in full, the IRS won’t charge interest or any further penalties. Paying back taxes in total is a great way to avoid having to deal with a bank levy release.
Enter an Installment Agreement with the IRS
Another way to get an IRS bank levy release is through an Installment Agreement. Once the IRS freezes your account, if you agree to a payment plan, you can get a levy release. However, the IRS may reject this option if they think they can get more money from you. It’s always the best option to consult a tax relief professional. An Installment Agreement can be challenging to reach with the IRS. For that reason, working with a tax relief professional is your best bet.
Prove to the IRS that paying back taxes will create a financial hardship
Once the IRS has frozen your bank accounts, you might not be able to pay your bills. If you can prove to the IRS that the levy is causing you financial hardship, they may release the levy. Consulting a tax relief professional is the best way to show your financial hardship case. The IRS will need to see a detailed report of financial information. If you are successful in your negotiations, the IRS will declare you as Currently Not Collectible. However, Currently Not Collectible is not a permanent fix. The IRS will continue to review your case every two years to see if your situation improves. If your financial situation improves, you will have to pay back the money you owe. However, CNC will give you and your tax relief expert time to determine a plan to bay back taxes.
Call Platinum Tax Defenders Today To Get A Bank Levy Release
Do you need help with a bank levy release? If the IRS is seizing your bank accounts, call Platinum Tax Defenders today. Platinum Tax Defenders is a top tax relief services firm with experience getting bank levies released for their clients. The expert tax relief team includes tax attorneys and x-IRS attorneys who are familiar with tax law and the IRS. Before the IRS knocks on your door, make sure you pay your back taxes. Tax relief experts can provide you with the help you need before it’s too late. Call Platinum Tax Defenders today for a free consultation.