Tuesday 21 Nov 2017
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Streamline Tax Resolution, LLC

Navigating Your IRS Issue Just Got Easier

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Bank Levy Release

 

A levy is a legal seizure of your property to satisfy a tax debt. For example, the IRS can issue a bank levy to take your cash in savings and checkng accounts. Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt. If you do not pay your taxes (or make arrangements to settle your debt), the IRS or State agency may seize and sell any type of real or personal property that you own or have an interest in.

For instance:

  • The IRS could seize and sell property that you hold (such as your car, boat, or house)

OR

  • The IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

 

If you fail to take action, you could lose your financial holdings across the spectrum. In addition, you will have to pay your tax debt, including all of the penalties and the interest, in a single devastating chunk that will leave your accounts resembling a stripped car. Since we have extensive experience with bank levy release negotiations, we can help you protect your future before it is too late to take the right action. We can stop a bank levy against you by the IRS from happening, but we must begin immediately.

 

You most likely are in risk of getting levied if:

 

  • The IRS assessed the tax and sent you a Notice and Demand for Payment
  • You neglected or refused to pay the tax
  • The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.

The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.

NOTE

If the IRS levies your wages, salary, or federal payments, the levy will end when:

  • A resolution is reached with the IRS
  • Your tax debt is paid
  • The time expires for legally collecting the tax

If the IRS levies your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days. This holding period allows the opportunity to resolve any issues about account ownership.

After 21 days, the bank must send the money plus interest, if it applies, to the IRS.

If you are facing a Bank Levy, you should contact us immediately. This is a very serious matter that requires the professional expertise of Streamline Tax Resolution. We will research the details of your particular situation and advise you on the best actions and likely results. We will represent you and negotiate with the IRS to free your resources as quickly as possible.

 


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