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May 2, 2019
2 min read
IRS Bank Levy | Tax Debt Help | San Diego California | Flat Fee Tax Service
Updated: Nov 26, 2019
IRS Bank Levy - San Diego - California - IRS Tax Attorneys
In their efforts to satisfy an IRS tax debt, the IRS may seize or collect back taxes from a taxpayer’s bank account(s) leaving a taxpayer unable to pay their bills. The IRS will seize it all with a bank levy.
If all IRS notices are ignored by the taxpayer, the IRS will start Enforced Collection. Before the IRS may levy and seize your bank account, it must first send your bank a “Notice of Levy” informing them that you owe back taxes.
Your bank is required to freeze all money in your accounts and will hold these funds for 21 days. If payment is not made within this time and no tax settlement is offered, the bank must remit the funds to the IRS.
YOU DON'T HAVE A LOT OF TIME TO GET YOUR MONEY BACK.YOU HAVE 21 DAYS. THAT'S IT.
The 21 day window includes Saturday, Sunday and holidays. The IRS isn't open on those days so the 21 days isn't really 21 days.
To avoid or stop an IRS bank levy, a tax professional will assess your financial situation and devise a plan to find the best tax solution for you by either settling your tax debt through the IRS Offer in Compromise Program or by negotiating an affordable payment plan.
It is crucial that your bank levy is properly released by an experienced tax professional to avoid seizure of your bank account.
Please call for a no-cost tax consultation at (866) 747-7435.
A "word to the wise", it is very unlikely the IRS will give back the money they caught in your bank account(s) should you "go it alone." You really will need an experienced tax professional.