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April

Remove Bank Levy

An IRS bank levy follows several attempts by the IRS to contact the taxpayer regarding their existing tax debt. This typically includes the initial notice, several computer-generated reminder notices, and a final notice of intent to levy. During this time, the taxpayer may have been contacted by an IRS Revenue Officer (RO). If all previous attempts to settle a bank levy have gone unanswered and the tax debt remains unresolved, the IRS will issue a levy notice.

IRS levy notice: The first levy notice, of three, will warn you again of your debt. The second states that the levy will be placed within 30 days and begins the levy process, moving it from notice to enforcement. At this time, third-parties and creditors will also be informed of the IRS intent to levy and demand that all payments be forwarded to their offices.

Following this, the government will begin levying taxpayers bank accounts, property, insurance benefits, IRAs, SSI, pension plans, alimony and paid child support.

Bank levy: An IRS bank levy allows the IRS to become the highest-priority creditor in order to begin collecting on a taxpayers assets. As opposed to a wage garnishment where only wages may be taken, a taxpayer is also vulnerable to bank account garnishment, investment account garnishment, seizure of property, equipment garnishment, and accounts payable garnishment. Once a taxpayer receives a levy notice, he or she will not longer be able to submit an Offer in Compromise but there are still alternatives available to be discussed with TaxAttorneyNow.com.

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IRS levies can be damaging to an individual taxpayer and their business as both personal property and business assets are allowed to be levied. It can affect not only your family but also business vendors, employees, creditors and colleagues. It may interrupt payroll and put your continued operation in serious jeopardy. We caution you from panicking and answering the call, if and when you do, out of fear.

IRS bank levy help

If you want to stop an IRS bank levy today, our associates have options available to you. We will help bring you back into compliance and guide you through the process of resolving an existing tax debt with the IRS or state. We can’t start until you first acknowledge the pressing matter and ask for our help. Our trained attorneys and tax professionals have previously helped many taxpayers facing bank levies get control of their assets and get back on track.