How to Stop the IRS from Levying Your Bank Account
If you’ve reached the point where the IRS is levying your bank account, then you’re also at the point where you need to contact a tax relief consultant quick, fast, and in a hurry. It is in these dire circumstances that a professional tax relief consultant can better handle your case and communicate more effectively with the IRS better than you. This is simply because a credible tax relief firm will have years of experience resolving tax debt scenarios. It is through this kind of experience where a tax professional can quickly identify resolutions for almost any kind of tax case—even if they’ve reached the point where their bank account is getting levied.
It’s Never Too Late to Get Help for Your Tax Debt
The bottom line is that no matter how far gone your tax debt situation is with the IRS, it’s never too late to seek the help of a tax relief professional, especially when your back account is seized.
There are ways to get the IRS to let up on your bank account, but it’s going to take an extensive amount of red tape, paperwork, and patience. Here are a couple of ways you can prevent the IRS from levying your bank account:
Pay the Debt!
One obvious way to prevent the IRS from levying your bank account is to pay the debt. You’ll also want to pay the interest rate and late payment fees. Many taxpayers make the mistake of paying off the principle, but not the interest. If you have the intentions of completely paying off your tax debt, then call and speak to an IRS representative to calculate the total amount—interest and fees included. Be sure to tell them exactly when you plan on paying the amount, because the monthly due date can also play a big factor in whether or not you’ve met the deadline. It is possible to still have a tiny remaining balance that can quickly increase due to neglected payments. Oftentimes, many taxpayers won’t find out that they still have a remaining balance until that tiny balance has ballooned into a substantial debt. At that point, you might find yourself in the same tax debt situation as before.
File for Financial Hardship
If you choose to take this route, you have to prove that you are indeed going through financial hardship due to the amount of money the IRS is seizing from your account. This means that you must have a list of annual expenses and a list of your net income. You’ll also need to have the proper paperwork to support these claims. This is where a tax relief professional can come in and assist you, because it’s very similar to being audited. If you want the IRS to give you a break, then you need to be prepared for them to investigate your financial situation and circumstances.