Get Your IRS Bank Levy Released Today
- January 10, 2020
- Posted by: Platinum Tax defenders
- Category: Tax Resolution
Has the IRS placed a bank levy on your assets, and you’re wondering how you can get it released? Platinum Tax Defenders can help with your bank levy release. First, it’s essential to understand what a bank levy is. Once you have an understanding of what a bank levy is and how it affects your financial future, you can get help with removing it. The tax relief experts at Platinum Tax Defenders can help you get your bank levy removed. Keep reading for more information on what a bank levy is, and how a tax relief expert can help you get it removed. IRS Bank Levy
What is an IRS Bank Levy?
An IRS bank levy is when the IRS places a hold on or freezes your bank account—including savings and checking accounts. The IRS will place a levy on your accounts to collect funds from your bank account. These funds that the IRS receives will then go toward paying off back taxes that you owe. Once the IRS places a bank levy on your accounts, you have only 21 days before the bank must turn over your funds to the IRS. However, the IRS doesn’t just take what’s in your account at that very moment that they enact the bank levy. If the funds in your account do not satisfy your tax debt, the IRS will continue to place levies on your bank account when additional funds are available.
How Do I Know the IRS Will Put A Bank Levy On My Account?
The IRS does not enact any method to collect on back taxes without notifying you. Before the IRS places a levy on your bank account, they will send you a notice. The notice will alert you of the funds you still have to pay back, including interest and penalties. If you don’t pay the tax, interest, and penalties you owe, the IRS will give you a 30-day levy notice. This 30-day levy notice is called a “Final Notice of Intent to Levy and Notice of Your Right to a Hearing.” The IRS will deliver this notice to you personally or leave it at your home or business. The IRS can also send a notice of bank levies to you by registered or certified mail.
What Do I Do When I Get a Bank Levy Notice from the IRS?
When you receive a notice of bank levy from the IRS, you typically have 30 days to settle your back-tax debts. During those 30 days, you can resolve any back-tax issues you have with the IRS, with the help of a tax resolution specialist.
How Can I Get A Bank Levy Released?
The IRS provides taxpayers with options for getting a bank levy release. However, whenever dealing with the IRS, it’s best to work with a tax resolution professional. Tax relief experts know the ins and outs of how to get the IRS to release your bank levy. Below is a brief snapshot on some ways a tax relief expert may be able to help you with a bank levy release.
Request a Collection Due Process Hearing
Up until the IRS enacts your bank levy, you can request a hearing with the IRRS. It would be helpful to have a tax resolution expert with you during this hearing. Additionally, a tax attorney can also be useful during any trials with the IRS. The team at Platinum Tax Defenders has both tax relief experts and tax attorneys to help you with any IRS hearing. During the hearing, you and your tax relief expert may be able to persuade the IRRS not to issue a bank levy for various reasons. One reason may be that you have paid the taxes in full.
Additionally, the IRS may have assessed your taxes while you were in bankruptcy proceedings. Also, there may have been an error made on your tax assessment. If any of these situations apply to you, a hearing could help you lift your bank levy.
Pay Back Taxes in Full
Another way to get the IRS to release your bank levy is if you pay back taxes in full. However, not everyone is in a financial position to pay back tax debts in full. But, a professional tax relief expert can help you negotiate an efficient payoff method with the IRS. During the 21 days from when you get a notice of bank levy to when it expires, you can make an effort to resolve your bank taxes. If you can pay back your taxes, plus interest and penalties, within 21 days, the IRS will release the levy.
What Are My Options to Pay Back Taxes in Full To Release a Bank Levy?
Working with a tax resolution expert, you have a few options to get a bank levy released from the IRS. Here are a few ways Platinum Tax Defenders can help you with your bank levy release by paying back taxes.
IRS Installment Agreement
One of the most common ways to pay back taxes is with an Installment Agreement. An Installment Agreement is a monthly repayment plan with the IRS. This payment plan allows you to pay back taxes you owe over time. An Installment Agreement is an effective way to get you back in good standing with the IRS. The professionals at Platinum Tax Defenders have years of experience getting taxpayers out of tax debt with Installment Agreement plans.
Claim Financial Hardship to Settle Back Taxes
You can avoid an IRS bank levy by having your back taxes declared uncollectable by the IRS. When the IRS announces your debts uncollectable, it means it would be unfair for the IRS to collect them. During this period, the IRS must release the bank levy.
Offer in Compromise
You can also avoid an IRS bank levy by entering into an Offer in Compromise. An Offer in Compromise is an IRS program that allows some taxpayers to settle their tax debts for less than the total amount they owe. The experts at Platinum Tax Defenders have years of experience helping clients save hundreds of thousands on their tax debts with Offer in Compromise negotiations.
When will the IRS Release a Bank Levy?
According to the IRS website, the IRS must release a bank levy if it determines that:
- You paid the amount you owe
- The period for collection ended before the levy was issued
- Releasing the levy will help you pay back taxes
- You enter into an Installment agreement
- The bank levy would create an economic hardship for you
- The value of the property is more than the amount owed. Therefore, releasing the levy will not hinder the IRS’ ability to collect on your back taxes.
However, the IRS reminds taxpayers that bank levy release does not mean taxpayers don’t have to pay back taxes. Taxpayers must still make arrangements with the IRS to resolve their back tax debt. If you don’t fix your back taxes, another levy may be issued.
Need Help With Bank Levy Release? Call Platinum Tax Defenders
The expert tax resolution professionals at Platinum Tax Defenders have years of experience helping clients get bank levies released. If you received a notice from the IRS threatening to levy your accounts, call Platinum Tax Defenders right away. We are currently offering free consultations for new customers. For more information, visit www.platinumtaxdefenders.com, or call 866-866-8053.