Bank Levy

Prevent or Reverse Your IRS Bank Levy Now

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    Bank Levy

    At Tax Network USA, we understand how devastating a bank levy can be. When the IRS or state tax authorities impose a bank levy, they freeze your bank accounts and seize funds to satisfy unpaid tax debts. This sudden loss of access to your money can create significant financial hardship, making it difficult to pay for essential living expenses. Our experienced tax attorneys are here to help you navigate this challenging situation and work towards a resolution that protects your financial future.

    Understanding Bank Levies

    A bank levy is a legal action taken by the IRS or state tax agencies to collect unpaid taxes. Once a levy is issued, your bank is required to freeze your accounts, and the funds are held for 21 days before being turned over to the IRS or state tax authority. This freeze can apply to checking, savings, or any other accounts you hold, potentially leaving you without access to your money.

    You typically receive multiple notices before a bank levy is enforced, including a final notice of intent to levy. If you do not respond or act, the levy will proceed, potentially draining your accounts of significant funds. However, our experienced tax attorneys will identify legal avenues available to stop or release a bank levy. That’s where Tax Network USA tax attorneys can help.

    How We Can Help

    At Tax Network USA, our skilled tax attorneys specialize in providing relief from bank levies. We offer a range of services designed to help you regain control of your finances and resolve your tax issues effectively. Here’s how we can assist:

    • Immediate Intervention: Our tax lawyers act quickly to assess your situation and initiate steps to stop the bank levy. Our attorneys will communicate directly with the IRS or state tax authorities to negotiate the release of your funds.
    • Negotiation & Resolution: Our tax attorneys will work with you to develop a strategy for resolving the underlying tax debt that led to the bank levy. This may involve setting up an installment agreement, pursuing an Offer in Compromise, or establishing Currently Not Collectible (CNC) status. Our tax lawyers’ goal is to find the most favorable resolution for your specific situation.
    • Innocent Spouse Relief: If the tax debt associated with the bank levy is not your responsibility, our tax attorneys can help you pursue Innocent Spouse Relief. This can remove your liability and lead to the release of your funds.
    • Appeals & Representation: If a bank levy has already been placed on your accounts, our tax lawyers can represent you in appeals to challenge the levy and seek a more favorable outcome. We’ll guide you through the appeals process to ensure your rights are protected.
    • Preventive Measures: Beyond resolving the immediate issue, our tax attorneys work with you to establish preventive measures to avoid future levies. This may include tax planning, compliance strategies, and ongoing support to keep your tax obligations in check.

    Frequently Asked Questions

    Bank Levy
    What is a bank levy?

    An IRS bank account levy is when the IRS seizures funds directly from your bank account to cover unpaid taxes that you owe. If the IRS contacts your bank, they must freeze your banking assets for 21 days from the day they receive the notice.

    How many notices does the IRS send before issuing a levy?

    The IRS normally sends you five letters (five for individuals and four for businesses) before actually seizing the balance in your bank account. It is recommended to consult with a licensed tax professional when you receive your first Letter of Intent To Levy.

    Can I appeal a bank levy?

    Yes. You have the legal right to appeal a tax levy, but you must act quickly as the IRS can start seizing your assets within 30 days of sending the notice. In most cases, it is recommended to have a licensed tax professional on your side when presenting and filing appeals.

    How many times can the IRS levy your bank account?

    The IRS can levy a bank account more than once. When the IRS levy’s you, it is not a standing levy, which means you can deposit money the next day. An IRS bank levy attaches to funds once the bank processes the tax levy.

    If you make a deposit a few days later, the bank should not freeze it. The IRS would have to send another levy to the bank.

    How much can the IRS levy from my bank account?

    Levies are not able to occur after the IRS’s 10-year statute of limitations for collecting debts is up. Unfortunately, while in that 10 year period, there is no limit to the amount of times they are able to levy your account.

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