How Often Can The IRS Levy A Bank Account | Flat Fee Tax Service
Updated: Nov 22, 2019
IRS Bank Levies - Tax Garnishments - Flat Fee Tax Service
An IRS bank levy is issued for a one time seizure from your bank account, but the bank must hold those funds for 21 days before forwarding them to the IRS. The reason for the 21 days is simple. The IRS hopes that you will call and make arrangements to pay your tax debt in full, set up an installment agreement, or resolve your tax liability in another manner. The IRS wants your tax debt case closed.
THE IRS BANK LEVY
Upon receiving the IRS order to levy, your bank freezes the funds in your bank account based on the day and time the levy is received.
All monies deposited after that time are yours to keep; but, this does not mean if the levied funds do not pay your debt in full that the IRS will not issue a new levy and try again.
The IRS may even take it a step further by "putting on a full court press" and put a levy on your wages (#IRSwagegarnishment) or set into motion the process to seize your home, cars, and personal property.
Need Help With A Tax Levy? Contact the tax professionals at Flat Fee Tax Service.
The IRS takes collection activity seriously. The longer you ignore your tax obligations, the more pressure they will apply. That is where I can help. I can put my experience to work for you and make sure you never end up in a levy situation. I may even be able to help you negotiate a settlement with the IRS to pay less than the full amount of your debt.
THE TAX PROFESSIONALS ROUTINELY STOP IRS LEVIES IN ONE DAY.
Once the IRS tax levy is stopped and released, the IRS Tax Attorneys at Flat Fee Tax Service will work to resolve your tax debt. We may be able to get the IRS to abate (waive) some or all of those dreaded penalties that may add up to more than your original tax debt. If a bank levy has caused financial hardship, tax professionals will work to get that money back from the IRS. We may be able to get the IRS to declare you to be Currently not Collectible which will end immediate enforcement action.
Do yourself a favor. Contact Flat Fee Tax Service for your free consultation. Together, we will review your tax situation and create an action plan to protect your bank account and help you start all over with a Fresh Start.