Do you have an IRS bank levy? If so, a tax professional may be able to help you because they have years of experience in negotiating the release of IRS bank levies. The purpose of the IRS is to collect taxes on behalf of the federal government. If a taxpayer does not pay their taxes, the IRS will demand payment through field visits and letters. If the taxpayer disregards the demands for payment, the IRS will give legal notice that it will resort to other means to collect the taxes. One method that the IRS uses to collect overdue taxes is through issuing bank levies. How can you pay your bills if the IRS levies your bank account?
An IRS bank levy is when the IRS simply sends a letter accompanied with an IRS levy notice that they 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. Banks are obligated to follow the instructions of the IRS and the IRS imposes serious penalties upon banks that disregard levies. The IRS commonly uses bank levies as a way for collecting back taxes. These types of levies are most commonly sent to banks. However, the IRS can seize funds from any institution, business or individual that has funds belonging to the taxpayer. For example, the IRS can seize funds from a utility company holding a deposit, an escrow company, an investment company, a stock broker, and many others. An IRS bank levy can have a devastating impact on a taxpayer’s financial situation and make it almost impossible to pay bills. If you have a Bank Levy, call now to speak with a tax professional.
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