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 for successfully managing your tax issues. We will likely discuss with you the following viable options:
Offer in Compromise: One appealing option for settling your debt with the IRS for less than the full amount owed is with an Offer in Compromise program. This is very much like a debt settlement program for those with mounting credit card debt.
Installment Agreements: In some cases, the IRS will allow you to make monthly payments through an approved installment plan, especially if you cannot afford to pay the full tax debt all at one time.
The IRS is often very willing to settle your tax debt without a levy. Our staff is standing by right now to help you get started. Tax problems can be a huge burden and we can help lift that burden. So, do not wait any longer…call 1-877-825-1179 today.