IRS Levy Bank Accounts
Disregarding your tax debt gives the creditor the privilege to give you IRS levy bank accounts. It presents the notion that you, the credit holder, have no intent of working in concurrence with the creditor to pay your credit debt. And when a creditor has used up alternative options of collecting the money owed to them, they can go into court to file a verdict to collect the debt. After the creditor has been given the ruling, they have the legal right to embed your bank accounts with IRS levy. This is definitely bad news for you, especially when the total amount in your account is limited due to the levy.
In order for your creditor to file an IRS levy bank accounts, they have to locate your bank. However, don’t press your luck on this fact; this is not really hard for them, it’s the IRS! It’s a given that they have your banking information. After they determine your financial institution, the creditor will forward a writ of execution to the bank. After the bank is handed out with the writ, they are legally compelled to freeze your funds. If there is not enough money in your account to compensate for the money you owe, the account will remain frozen until the debt has been paid. Now that’s not the kind of situation you want to be in, and IRS levy bank accounts are just one of the many methods the agency will use if you keep on delaying your debt payments.
When a bank levy has been placed on your savings or checking account, you will have up to 30 days to compensate for your levy. But if your tax debt is very big, then 30 days is not enough for you to compensate especially when all available means of gathering the money is being levied. Your only possible solution to fight the IRS levy in your bank accounts is hiring a tax professional. And if you want a tax professional with bigger success results, then look for Premier Tax Resolutions.
Premier Tax Resolutions has 60 years of experience in handling all sorts of tax issues, from IRS tax liens to IRS levy bank accounts. You can even contact us for FREE consultations. Now how about that? If you have tax problems, just call us in these numbers: 1.800.554.0146.