What is an IRS bank levy?
An IRS bank levy is the legal seizure of your property to satisfy back taxes. The collection power of a levy is very serious. A bank levy allows the IRS to actually take your financial assets. The IRS can levy assets from a third party such as a bank, a brokerage house, or another financial institution. When the IRS or state has tried to collect back taxes unsuccessfully, they will begin to seize assets. So by not opening letters or returning phone calls they will take the next step. This process is called a ” levy .” When they attach wages, it’s termed a ” wage garnishment .” The taxing authorities are legally allowed to seize bank accounts, demand payment from accounts receivable, take control of property for auction, and assume title on vehicles. Virtually anything of value can be seized to satisfy the outstanding debt.
Levies and wage garnishment can be the most stressful and humiliating of all collection tactics. They do this to force taxpayers into willful compliance.
Why Hire a professional tax resolution service or tax attorney?
We do not recommend that you go at this alone. We can STOP THE WAGE GARNISHMENT and/or STOP THE LEVY . Platinum Tax Defenders has been very successful in getting levies lifted and garnishments stopped. We know your rights as a taxpayer and we are here to help. If you are at this point, then your best bet is to seek out our professional help to put a stop to further collection action.
When does the IRS impose a tax Levy against your assets?
Under Sec. 6331, the Secretary of the Treasury is authorized to collect delinquent taxes by levy. This authority is delegated to Revenue Officers and the Automated Collection Systems of the IRS.
The IRS will issue a levy after the following requirements are met:
- The tax has been assessed
- 30 days have passed since a “Final Notice of Intent to Levy and Notice of Your Right to A Hearing” has been issued
If you do not respond or pay the tax after all these conditions have been met, the IRS can issue a levy. Many of the levies imposed by the IRS are automated and difficult to prevent.
If you have received a Notice of a Bank Levy, time is of the essence. When this occurs, your bank is legally obligated to freeze all of your accounts for 21 days. During this time, you have the ability to resolve your back tax debt with the IRS. If you do not take action to full pay your tax liability during this time, the bank sends your funds to the IRS to cover your tax debt. Once the bank has sent your money to the IRS, it is almost impossible to obtain a refund and get your money back.
Here at Platinum Tax Defenders, we have been successful in getting IRS bank levies released. A bank levy is much more difficult to release than a wage garnishment, and can only be done by showing imminent financial hardship due to that levy being in place. The better process is to prevent the levy from ever occurring. Open communication with the IRS may prevent the levy process. If Platinum Tax Defenders’ professionals deal immediately with the IRS, they can avoid levies and deter them from occurring, rather than wait until after the levy is issued.
Do not wait until you receive a bank levy notice, once you receive the “Final Notice of Intent to Levy” letter, immediate action on your part is necessary, and representation is vital to protecting you and your family from collection actions.
Do you need a professional tax resolution firm or an experience tax attorney to help with your back taxes?
Contact us for a fast and free Consultation at
Platinum Tax Defenders is a reliable tax resolution service that offers assistance for struggling taxpayers. We will be up front and honest with you regarding your situation and we will never make promises that we can’t keep. We are here to negotiate on your behalf and bring the tax relief to our clients that they need in today’s troubled economy. You can count on Platinum Tax Defenders to honestly guide you through the negotiation and settlement process so you can get your taxes paid off and breathe a sigh of relief that your financial future will be a positive one.
Our service areas:
Settle Back Taxes, Tax Resolution Services, Tax resolution, Help with Back Taxes, Tax Attorney, Tax Relief, Tax Relief Services, Back Taxes, Back Tax Relief, Bank Levy releases, Offer in Compromise, Payment Plan, Revenue Officer Assistance, IRS Audits, IRS Tax Liens, Amending Tax Returns
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