Bank Levy
A bank levy occurs when the IRS freezes your bank account. There are many reasons that could cause a bank levy, but the most common reasons are due to unpaid debt or taxes.
When this unfortunate event occurs, the IRS will send you a letter stating that you owe them taxes. If you refuse to pay the debt or you don’t respond to their requests by making payments, then the IRS will use a bank levy, a form of Enforced Collection. Your accounts will be frozen and all the money in your account will be seized until you pay off your debt.
If the IRS has already filed a levy to your bank account, you need to contact a professional lender for a Bank Levy Release. You must act quickly since professional lenders only have 21 days to stop the levy with a Bank Levy Release. The bank levy doesn’t happen immediately however. In order for the IRS to get your attention and collect the delinquent taxes, they will send you notifications, in the form of phone calls and letters. If you keep on ignoring these, they will locate your bank and freeze your account.
Seizing your bank account is the IRS’ ultimate action in their collection efforts. Once they have exhausted all means to convince you to pay, they will send a Notice of Levy to your bank to inform them that you have delinquent taxes. The IRS will require your bank to freeze your bank account effective immediately. This method could cause your checks to bounce, rendering you unable to use your money. The bank will only hold your funds for 21 days. After this period, the necessary funds will be remitted to the IRS.
If you seek help from a Tax Resolution Consultant, they will use the 21-day period to negotiate with the IRS to release the funds from the bank levy. So stop the levy that has frozen your bank account with Premiere Tax Resolutions. Just fill out the form and a professional Tax Resolution Consultant will call you back for a FREE and no-obligation consultation. Our toll free number is 1.800.554.0146. Start settling your debt today with Premiere Tax Resolutions.