|
What is an IRS Bank Levy?
To levy literally means “to take”. An IRS bank levy is an order directing your bank to seize ALL funds in your account and send them to the IRS.
How does an IRS Bank Levy work?
Upon receipt of an IRS Notice of Levy your bank must freeze all funds in your account on the day the levy is received and hold them for 21 days. Upon the 21st day if the bank does not receive a Notice of Levy release from the IRS it will send the funds to the IRS. If an IRS Levy Release is received the funds are returned to your account. Funds deposited after the bank levy are not subject to the levy but the IRS can issue subsequent bank levies seizing them too. This is not true of most State bank levies. Most state bank levies are ongoing until the back tax debt is paid in full.
What other accounts or property is subject to IRS Tax Levy?
The IRS can levy funds from any institution, business or individual that is holding funds for you. This includes a title company holding funds for you in escrow to your best friend who owes you $5 for lunch. If someone is holding property that you have a legal right to the IRS can levy it. For you business owners this includes ALL of your accounts receivable. Please visit Accounts Receivable Levy
Can the IRS levy my Accounts Receivable?
Yes, at the point you submit an invoice to a customer and you have a legal right to payment from them the IRS can issue an Accounts Receivable levy to them ordering them to pay such funds directly to the IRS. There is no 21 day holding period, the levy attaches to 100% of what is owed and in most cases the levy is continuous until the back tax debt is paid in full. Please visit Accounts Receivable Levy
How can I prevent an IRS Bank Levy?
Due to the devastating impact an IRS Bank Levy has and the difficulty of getting them released avoiding an IRS Bank Levy is best. Get help before the IRS starts aggressive collection efforts and you will not only avoid levies, you will also save money in fees. You don’t want to pay our tax attorney to get a bank levy released and then pay more to resolve the tax liability itself. By acting now you ensure the fees paid are spent solving your back tax problem not conducting damage control.
How can I get an IRS Bank Levy released?
Because you only have 21 days to get an IRS levy released it’s important to get help now. If the IRS has levied your bank account you are under active tax enforcement and the collection efforts will increase. Our tax attorney can stop future levies immediately and in some cases get a levy released immediately, but even with exceptional effort not all IRS bank levies are released and sometimes it can take several days to get an IRS levy released.
Please visit. Getting IRS Levies Released
|
