Over 750 Million Tax Liability Removed from Our Clients
How Bank Levies Work LifeBack Tax
A bank levy is a type of levy in which a debtor's bank account is frozen, permitting creditors to seize funds directly from a debtor's bank account to cover any debts owed. Any funds in the debtor's bank account remain frozen for the duration of the bank levy. A bank levy may be issued without warning, and creditors may issue a bank levy multiple times until any debts are repaid. Bank levies are one of several extreme measures that the IRS and state tax agencies may employ in order to collect unpaid taxes.
When the IRS issues a bank levy against a taxpayer, any funds in the taxpayer's bank account are frozen, and the taxpayer is given 21 days to pay any federal taxes owed. At the end of the levy period, if the tax liability remains unpaid, or no resolution has been negotiated with the IRS, the bank turns over the taxpayer's funds to the federal government to pay off the taxpayer's debt. The IRS may enact bank levies on personal or business accounts, depending on the type of tax owed.
A bank levy from the IRS puts a dire burden on taxpayers who may already be struggling to pay their taxes. By freezing bank accounts, a bank levy cuts taxpayers off from funds needed to pay bills and living expenses. Worse yet, taxpayers risk losing their assets to the government if they are unable to pay their tax debt within the bank levy period.
If the IRS or a state tax agency has issued you with a bank levy, we at LifeBack Tax Relief can protect your assets from the government. We are committed to defending taxpayers, and can negotiate with the IRS or your state's tax collection agency to have your bank account released.
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