Has the IRS levied your bank account? You are going to need some help getting the levy released. Five Star Tax Resolution has many years of experience in the release of IRS bank levies. Find out how we can help you, contact us today by calling 1.800.516.5917. You may also reach us by contacting us online.
The IRS exists to collect taxes on behalf of the Federal Treasury. When a taxpayer does not pay their taxes, the IRS initiates a variety of collection methods including; threatening phone calls, letters and visits from agents. When the taxpayer ignores the IRS’s requests for payment, they will issue legal notices stating they will resort to more direct means of collecting the liability due. No additional notice needs to be provided prior to starting the collection activity. A favorite method of IRS collections is through issuing bank levies.
Its simple, the IRS issues a bank levy notice along with a letter notifying the bank are seizing a taxpayer’s bank account. The bank is instructed to freeze all funds that are in the account and to forward the funds to the IRS. All banks are obligated to follow the instructions of the IRS. Plus, the IRS imposes serious penalties upon banks that disregard levies. These types of levies are among most commonly used collection methods and all banks comply. However, the IRS can seize funds from any institution, business or individual that has funds belonging to the taxpayer. Not widely known, the IRS can seize funds from a utility company holding a deposit, an escrow company, an investment company, a stock broker, credit union or any other cash repository for the taxpayer.
An IRS bank levy as with a wage garnishment may cause financial hardship to a taxpayer’s financial situation. Taxpayers can avoid bank levies by not giving the IRS the opportunity to start any collection efforts; by dealing with their account liability beforehand. If you have a levy in place now, call Five Star Tax Resolution, our tax professionals have conducted hundreds of bank levy release negotiations over the years. If you are seeking IRS protection contact us today. 1.800.516.5917 or by contacting us online.