How to Reverse an IRS Bank Levy
Emergency Bank Levy Information:
If are facing an IRS or state bank levy, our experienced team will create distance between you and the taxing authorities. We buy our clients much needed time and reasonable solutions.
Bank Levies 101 – IRS Bank Levy
A tax levy ordered by the IRS is an enforced collection, where money is taken out of your bank account. An IRS bank levy or wage garnishment will happen if you do not pay your tax debt or make arrangements to settle your tax liability. The following are seizure actions available to both the IRS and state:
- Seizure and sale of property that you hold (such as your car, boat, or house), or
- A tax levy on property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, rental income, accounts receivables, the cash value of your life insurance, or commissions).
The government usually levies only when the following three conditions have occurred:The government assessed the tax and sent you a Final Notice – Balance Due
You neglected or refused to pay the tax, and
The government 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 tax levy. The government usually sends this final notice to your last known address by certified mail, return receipt requested, but they may give this notice to you in person, or leave it at your home or your usual place of business.
Important Note: If the government (IRS) doesn’t have your current address because you have not notified them directly of an address change, you may not get the notice. If they send a notice to an old address, it is still considered sent and the agency can proceed with asset seizure. (We see this happen to our clients over and over again)
If an IRS levy is placed on your bank account, the tax levy attaches funds that have cleared and are available for withdrawal, up to the amount of the levy. The bank must wait, however, until 21 days after a levy is received before sending the money to the government. The holding period allows you time to resolve any dispute about account ownership or get professional advice on your situation. After 21 days, the bank must send the money, plus, if applicable, any interest earned on that amount.
AS YOU CAN READ, YOU DO NOT HAVE ANY TIME TO WASTE.
IRS (CP501-504 letters) Levy Final Notice
If you have received bank levy, threat of bank levy or an IRS CP 504, it’s a very serious matter because you are about to have your assets and/or money taken by force, often over night.
What does a CP letter mean?
The CP notice is telling you that the IRS intends to enforce collections. The IRS can and will seize (levy) your state tax refund, and other property or your rights to property, including:
- Wages, real estate commissions, and other income
- Bank accounts
- Business assets
- Personal assets (including your car and home)
- Social Security benefits (Automatic 15% Levy – Federal Payment Levy Program )
Call 1-866-747-7435 today for a free evaluation
I am Dave Rosa. It is my pleasure and duty to provide you with a thorough evaluation of your tax problem. our conversation will take up 20 to 30 minutes of your time. This will be well worth your time.
OUR TEAM OF TAX PROFESSIONALS ROUTINELY HAVE AN IRS TAX LEVY STOPPED AND RELEASED IN ONE DAY.
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