The State 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 State will use to collect. Basically, if you own it then the State can try and take it and sell it to settle your tax debt. One way they do this is by way of a 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 State 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: 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 5 to 10 days to give you a chance to work with the State to release your funds. The 5 to 10 days starts from when the bank received the State levy notice, not the date of the notice itself. 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 State.
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 States. 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 you act quickly. 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 State than required by law. We want to get you back your bank account balances and your financial freedom!