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Nov 8, 2019
2 min read
Bank Levy | IRS Tax Debt Help | Flat Fee Tax Service
Updated: Nov 17, 2019
Bank Levy - The Importance of Responding to a Bank Levy
IRS Levies (#IRStaxlevy)and Federal Tax Liens (#IRStaxlien) are two different heads of the same snake. A tax lien is the government’s legal claim used as security for a tax debt. A tax levy is the government’s legal seizure and sale of your property to satisfy a tax debt.
Unpaid taxes or the negligence to make arrangements to settle the debt with the IRS may indeed lead to a levy on real or personal property.
Below are some examples:
The IRS can levy (#IRSseizure) property you own like a car, boat, or house.
The IRS can levy property that you own but is held by someone else like wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, cash loan value of life insurance, or commissions.
It’s extremely important to act swiftly regarding a bank levy before it’s too late. Your bank is obligated to hold whatever amount the IRS captured in your account for a twenty-one (21) day period. This includes Saturdays, Sundays and holidays so you don't have any time to waste.
Having the bank levy is of the upmost importance in order to secure your finances. There are different approaches to having a bank levy released released from the clutches of the IRS. Each approach is determined based on your tax and financial status.
It’s also important to remember that the IRS much rather resolve your tax problem with them rather than levying your bank account. The IRS wants to do two (2) things: collect money and close a file. If the IRS does not get their total tax paid with the bank levy, the agency isn't closing the file. They will have to do the bank levy over and over. The IRS does not want to do that.
AN OFFER IN COMPROMISE (TAX SETTLEMENT) WILL CLOSE THE FILE.
I am Dave Rosa. It is my duty and pleasure to provide you with a free and comprehensive consultation. Our conversation will take 20 to 30 minutes.
You will not be sorry that you called. By contracting with Flat Fee Tax Service to help stop and resolve your bank levy, it shows the IRS that you are serious about taking care of your tax debt. Let our expert team of tax professionals turn a scary and complex situation into one that allows a smooth transition into tax debt relief.