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Saturday, October 25, 2008

IRS Levy - Bank Account

A levy has been served on your bank account and you have just known about it. This would be a devastating thing. You've probably realized the trouble this will bring in your and your family's life. "What should I do now?" you wonder.

There are several reasons why the IRS might put a levy on your bank account. Some of these reasons are:

Unsettled tax to the IRS
Unfiled tax returns to the IRS
You've recently changed your location and your IRS notices have not been received.
You defaulted on your installment agreement with the IRS.

Levies are a method to punish taxpayers for not paying taxes. The bank will be served a Notice of Levy attached to your account. All your funds can be taken by the IRS. Your bank, however, does not have to release the funds to the IRS for twenty-one days. The levy's date is the start of the twenty-one days. You have to move fast. You have to make deals with the IRS about your taxes before the grace period is up. You won't be able to use the money in your account, though, until the IRS cancels the levy.

Release of a Bank Account Levy

The release of a levy isn't an easy task, especially when it comes to bank accounts. One of the following will have to be done:

Your taxes should be paid in full or you negotiate arrangements for an internet merchant account or file for bankruptcy
Expired time limit for collections. Count 10 years from assessment date.
Proof that the levy's release will enable collection of taxes.
An Installment Agreement is agreed with the IRS.
Absence of funds will lead to extreme financial hardship for you.
The amount you need to pay is less than the funds in your bank account.

If one of these apply to you, contact the IRS officer who signed the levy notice or his supervisor. Provide information, internet merchant account, or appeal the IRS decision.

Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He can be reached at his website at internet merchant account

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