Bank Account Levy

When the IRS issues a levy on your account, it's catastrophic. It's going to affect your and your family's life greatly. What is there to do?

The IRS would put a levy on your account for several reasons. A few of these reasons are:

• You have not paid taxes to the IRS.
• Unfiled tax returns to the IRS
• Your IRS notices haven't been received because you moved.
• You reneged on your installment agreement with the IRS.

Yes, a bank account levy is the IRS's way of punishing you for not settling your taxes. The IRS can take all your money by serving a Notice of Levy to the bank attached to your account. You won't be able to use the funds in your account until the IRS cancels the levy. The IRS can't get hold of your funds for 21 days, however, starting on the date of the levy. Act fast, as deals can still be made with the IRS during this timeframe.

Release of a Bank Account Levy

The release of a levy isn't an easy task, especially when it comes to bank accounts. Any of these will have to happen:

• Pay your taxes in full, make the offer to compromise, or file for bankruptcy
• If 10 years have gone by from the date of assessment, prove that the statute of limitations for collections have expired.
• Prove that the levy's release will result in the settlement of the taxes.
• An installment agreement
• Levy will bring financial hardship
• Taxes owed are less than the funds in your account.

Figure out how to qualify in any of these categories. You should call the IRS officer in charge of the levy. Make an appointment with his supervisor if it isn't possible. Give the information necessary, make arrangements to settle your taxes, or ask for an appeal.

Please feel free to contact us at getirshelp.com or by all means call us tollfree at (888) GETMISH 438-6474 We're here to help with all of your problems with the IRS! It's not your fault so call us now!

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