Tax Negotiation | Bank Levy | IRS | Tax ReliefBank Levies

Is your rent payment going to bounce? Did you wake up to find the funds missing from your bank account?

We may be able to release your bank levy, but you must act fast!

If you do not pay your taxes (or make arrangements to settle your debt), the IRS may levy your bank account, garnish your wages, and seize and sell any type of real or personal property that you own.

 

IMPORTANT: If the IRS files a levy on your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days. This holding period allows for time to resolve any issues with the IRS that may result in a release of levy. After 21 days, the bank must send the money plus interest, if it applies, to the IRS.

 

For instance: The IRS could seize and sell property that you hold (such as your car, boat, or house), or they could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts,licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

 

The IRS will usually levy only after these three requirements are met:

 

1.They have assessed the tax and sent you a Notice and Demand for Payment;

2.You neglected or refused to pay the tax; and

3. They sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing.

 

You may ask an IRS manager to review your case, or you may request a Collection Due Process hearing with the Office of Appeals by filing a request for a Collection Due Process hearing with the IRS office listed on your notice. You must file your request within 30 days of the date on your notice.

 

Some of the issues you may discuss include:

 

1. You paid all you owed before we sent the levy notice

2. The IRS assessed the tax and sent the levy notice when you were in bankruptcy and subject to the automatic stay during bankruptcy

3. The IRS made a procedural error in an assessment

4. The time to collect the tax (called the statute of limitations) expired before the IRS sent the levy notice

5. You did not have an opportunity to dispute the assessed liability

6. You wish to discuss the collection options, or

7. You wish to make a spousal defense

 

At the conclusion of your hearing, the IRS Office of Appeals will issue a determination. You will have 30 days after the determination date to bring a suit to contest the determination. If your property is levied or seized, contact the IRS employee who took the action. You also may ask the manager to review your case. If the matter is still unresolved,the manager can explain your rights to appeal to the IRS Office of Appeals.

 

REMEMBER: If the IRS files a levy on your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days. This holding period allows for time to resolve any issues with the IRS that may result in a release of levy. After 21 days, the bank must send the money plus interest, if it applies, to the IRS.

 

In addition to IRS issues we can also assist you with the release of a wage garnishment or bank levy issued by a State tax agency. We represent clients in all states.

 

 Call (877) ETAX-FIX (382-9349) to have your bank levy released now.