The IRS has so many ways to collect on a tax debt. Ignoring the problem or putting it off only increases the amount owed and the tactics that the IRS will use to collect. Basically, if you own it then the IRS can try and take it and sell it to settle your tax debt. One way they do this is by way of an IRS levy. Levies are used to seize your wages and whatever assets you may have. In addition to going after your bank accounts via a bank levy, the IRS can seize, amongst other items, your home or other properties, rental income, accounts receivables if you own a business, all vehicles you own, and any other assets you own
Here’s how it works: The IRS will send a series of notices before they actually levy or seize your bank accounts. The first two notices are bills and reminder of the balance owed, the third notice will come certified and it will be a “Notice of Intent to Levy”. Once you receive this notice you will have 30 days from the date of the notice before you are sent to IRS Automated Collections Systems (ACS). After that IRS can send out Notice of Levy on your bank accounts. A bank levy will seize all funds you have in your accounts, including checking, savings, money market, mutual funds etc. Once the bank receives the levy notice they will pull the funds from your account and hold on to it for 21 days to give you a chance to work with the IRS to release your funds. The 21 days starts from when the bank received the IRS notice, not the date of the IRS notice. For example, if the bank received the notice of levy on June 5th, they will pull the funds from your account(s) and hold on to them until June 26th. If the levy is released they will put the funds back into your account, if the levy is not release then the bank will send the funds to the IRS.
If your bank account(s) has been levied contact our tax experts immediately to get your money back! The clock is ticking!!! The Tax Defense Group has negotiated the release of hundreds of bank levies from the IRS. You should contact us the second you receive the first notice, but even if your bank accounts have already been seized we can help so long as it has been less than 21 days. Our team of licensed tax professionals can lift the bank levy, restore your bank accounts, and make sure you don’t pay a penny more to the IRS than required by law. We want to get you back your bank account balances and your financial freedom!