Dealing with daily financial challenges can be overwhelming, and the last thing you need is an unexpected bank levy. A bank levy is a legal action taken by the IRS to seize funds from your bank account to satisfy unpaid taxes. It allows the IRS to take a specified amount of money directly from your account, which can include your savings, checking, or other deposit accounts. The major issue taxpayers face while dealing with bank levies is that it can happen without a warning, leaving you with limited access to your funds. Only the bank receives the notice from the IRS/state.
Why Have You Received A Bank Levy Notice?
Receiving a bank levy notice can be quite stressful. However, these notices won’t come out of nowhere. Certain rules and laws are neglected which forces the IRS to take such an action against taxpayers. These include;
- Unpaid Tax liability: Bank levies are charges against unpaid taxes. If the IRS/State notices that you have ignored the tax deadline, and have not connected the IRS/State to resolve your unpaid tax, a bank levy will occur. Usually, a final notice of evv is issued before a collection action occurs. Then the IRS can charge a bank levy notice against your account.
- Notice: The IRS/State is required to send you a final notice of levy and a notice of your right to a hearing. these notices provide you with an opportunity to address the issue before a levy is imposed
- No Response: If you do not respond to the notices or take appropriate action the IRS can proceed with the levy.
How To Deal With A Bank Levy
Bank levies can affect a wide range of individuals including business owners, self-employed individuals, and even freelancers. If an individual taxpayer faces a bank levy, his business is also at risk and can be seized by the IRS. Facing a bank levy can be stressful, but there are steps you can take with our help.
We will contact the IRS on your behalf to work on the bank levy release. With the IRS bank levy, the bank will hold the funds for about 21 days before funds are sent to the IRS. The states are about 10 days to 2 weeks depending on the state. You must know the date the bank is going to send the funds to the IRS/state, the bank fax number, and the list of bills you are unable to pay to negotiate a bank levy release.
How We Can Help
At LifeBack Tax Relief, we understand the stress and challenges that come with IRS/SState bank levies, and how detrimental they can be for your monthly expenses. Our team of tax experts can provide personalized guidance and support to help you resolve your tax issues, prevent levies, and explore debt relief options. Don’t let a bank levy disrupt your financial stability. Contact us today for a FREE consultation and take the first step toward resolving your tax concerns.
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