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Bank account levy

Can the IRS Seize Your Bank Account Without Any Notice?

Can the IRS Seize Your Bank Account Without Any Notice?

By on Feb 27, 2019 in Bank account levy, IRS | 0 comments

If you owe the Internal Revenue Service (IRS), and they have attempted to contact you about this issue multiple times, and you’ve not responded, then yes, the IRS can seize your bank account. But the real question is: “Can they do this without any notice?” The answer is no. The IRS is supposed to give you several opportunities to pay your taxes. This is mainly done by mail. While other forms of communications can easily get hacked, and even some can impersonate an IRS representative over the phone, the good old fashion United States Postal Service still has proven to be reliable. Although, there are some scam artists who may also send mail disguised as the IRS. So if you’ve received a letter from the IRS, address it! Whether you think it’s legit or not, you’ll be better off verifying the document with the IRS first. Unfortunately, you may have to waste some of your valuable time doing this, but it’s better to make sure that the letter is valid rather than to assume it’s a scam. Either way, the IRS ought to be notified. Do keep in mind that you should contact the IRS directly regardless of whatever information was printed on the letter. There’s a chance that scammers might include some sort of bogus contact information. Uncle Sam, however, always lets you get in touch with the IRS on a relatively direct basis. That being said, you have to act fast in order to avoid incurring some kind of future penalty or the dreaded seizure of an important account. If you’re worried about whether or not the IRS will take money from your bank account, there are several steps that need to happen before that can take place. And a lot of that has to do with you not being negligent. If you prefer to avoid the IRS seizing money from your bank account to pay off your tax debt, there are a few things you can do to prevent this: 1) Communicate Believe it or not, the IRS appreciates it when you communicate with them and explain your situation. However, it’s certainly worth noting that there’s a fine line between explaining your financial situation so that...

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How Does a Tax Levy Work

How Does a Tax Levy Work

By on Jan 28, 2015 in Bank account levy, IRS | 0 comments

Tax debt is serious and resolving it can be difficult and complicated. The IRS does not typically forgive debt owed to them and will go to great lengths to see that it is paid back. One strategy that the IRS sometimes uses when they have not been paid is a tax levy, which is when they seize your money or your property to satisfy the debt. The IRS can levy your wages, your bank account or even property that you own to satisfy this outstanding debt. Before you get too worried, you should understand how a tax levy works, so that you can determine if this is a step that the IRS is likely to take in your case. Notice From the IRS The first thing that you should keep in mind is that the IRS will not levy your pay or property without notice. Specifically, you should receive multiple notices before this action is taken. The first one is called a Notice and Demand for Payment and it is typically mailed. If you still do not pay the taxes owed, you will receive more written notices and a Final Notice of Intent to Levy and Notice of Your Right to a Hearing. The final notice will come 30 days before the levy will be imposed against you and will come by special delivery of some sort (certified mail, delivered in person by IRS representative, etc). You will not be surprised if and when the IRS imposes a levy. Most taxpayers actually receive up to 5 written notices before a levy is filed. How the IRS Chooses What to Levy First The IRS prefers to levy bank accounts, where they can quickly access funds without having to sell property or wait to receive the tax debt payment over a period of months (from a paycheck). Once a levy is issued, you lose a lot of control over your finances and the IRS may have to levy more than one element of your property (bank levy and a levy on your property for example). A tax levy is extremely disruptive and can destabilize your entire financial situation and negatively impact your credit score, so avoid a levy if at all...

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How to Deal With a Bank Account Levy

How to Deal With a Bank Account Levy

By on Jul 3, 2013 in Bank account levy | 0 comments

How to Deal With a Bank Account Levy  A levy on your bank account can be disruptive, surprising and very problematic. It can cause you to have trouble paying other debts, inciting a long cycle of financial difficulty. The most important thing to keep in mind when working to prevent or resolve a levy is not to avoid communication with the IRS. Whether you decide to communicate directly with the IRS yourself, or to hire a tax firm to represent your needs, it is imperative to deal with this problem proactively and as quickly as possible. If you have not paid your taxes in full the IRS has the right to issue a levy on your bank account, in order to collect the funds owed to them as payment. Before a levy is put into place and funds are taken out of your account, you will receive written notification from the IRS informing you of the process that will occur. To confirm that you receive this notification, the IRS will send a certified letter to your home. In order to avoid the levy, you will need to respond quickly. These are the three requirements that the IRS has to have met before issuing a levy: 1. The IRS assessed the tax and has sent you a Notice and Demand for Payment; 2. You neglected or refused to pay the tax; 3. The IRS then sends you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy is issued. They may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested. Once you have received this information from the IRS, there are still several ways that you can proactively combat or avoid a levy of your bank account. Success Tax Relief has extensive experience working with the IRS to find workable solutions for our clients. You can call 1-877-825-1179 to speak to an experienced member of our tax team. We take the time to listen to your specific issues and will develop a plan...

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