IRS Bank Levy | What It Is and How to Stop One | Flat Fee Tax Relief
A levy by the IRS is a legal seizure of your wages, paycheck, bank accounts and/or real property in order to enforce a tax debt. One of the most common and simple types of levies by the IRS is the bank levy. Before an IRS bank levy process begins to take place, the IRS will send you a Notice and Demand for Payment, which notifies you that you owe a certain amount of back federal taxes, including any interest and penalties that the IRS has assessed on the taxes that you owe. Assuming that you do not pay the tax, interest, and penalties assessed, the IRS then will give you a 30-day levy notice, which is called a “Final Notice of Intent to Levy and Notice of Your Right to A Hearing.” This IRS notice can be given to you personally, left at your home or business, or sent to your last known address by registered or certified mail. As you can read here, you may never actually get this notice in your hand. During that 30-day period, you have the opportunity to resolve your back taxes with the IRS. If you do not respond to this "Final Notice" or otherwise take any action to resolve the issue, the IRS may decide to issue a bank levy.
An IRS bank levy occurs when the IRS places a hold, or freezes your bank account. This is done in order to seize the funds in your bank account to pay off back taxes that you owe. Once the freeze is put into place, you have only 21 days before the bank turns over those funds to the IRS. The 21 day window includes Saturdays, Sundays and holidays, so you do not have a moment to waste. Even worse, if the IRS levy does not seize the full amount of back taxes that you owe, the IRS will continue place levies on your bank account once additional funds are available, so long as you owe back taxes.
Your Options for Stopping an IRS Bank Levy or
Bank Account Garnishment
THE TAX PROFESSIONALS AT FLAT FEE TAX RELIEF ROUTINELY HAVE AN IRS LEVY STOPPED AND RELEASED IN ONE DAY.