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Bank LeviesBank levies are IRS issuances that can result in the freezing or removal of funds from your account(s). These levies must be issued repeatedly if long term withdrawals are the goal of the IRS. If a bank levy is placed on your account on Monday, the IRS cannot access money that you deposit on Friday unless they send another levy. Bank levies are usually the result of a failure to communicate. So if you ignore IRS notices, phone calls and letters for too long, the IRS will start what they call Enforced Collection. Again, it is a way for them to get your attention and collect the delinquent taxes. The IRS sends a Notice of Levy to the financial institution informing them that you owe taxes. The IRS requires them to freeze all the money available in your accounts as of that day. This attaches to all accounts with your social security number. You cannot use any of those funds to pay your bills after the Notice is sent. This freeze may cause your checks to be rejected. The bank must hold these funds for 21 days. At the end of that period, the bank must remit the funds to the IRS. If the IRS has filed a levy with your bank, leaving you unable to pay your bills, contact San Diego Tax Attorneys to stop the bank levy with a Bank Levy Release. The task of San Diego Tax Attorneys is to negotiate with the IRS and obtain the release within that 21-day period. During the negotiations we will supply the IRS with the information they require. Under the regulations, the IRS has the authority to release the bank levy sending a Release of Levy to your bank. After that has been done, we can now proceed with either an Offer in Compromise or continue an Installment Agreement. Many times the bank levy is wrong, but it is up to you to correct the problem. Besides, as bad as the bank levy is, the wage levy is much worse. |
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Thu, 01 November 2007
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