A Devastating Collection Action
A bank levy is a late-stage collection action that the IRS can use if you don’t resolve your tax debt. An IRS bank levy often comes without warning, quite possibly when your finances are already strained. You have the choice, though, to prevent this from happening to you.
What is a Bank Levy?
A levy on bank accounts, such as your checking or savings account, can happen virtually overnight. When the IRS decides to levy bank accounts under your name, what they are actually doing is taking funds to satisfy a delinquent tax balance. A bank account garnishment can be used to take all of the money you have, up to the full amount of your liability.
A bank account levy is typically set into motion following prolonged inaction to resolve back taxes. Bank levies are just one of the more powerful collection methods the IRS has at their disposal. What do you do if you experience an IRS levy, bank account compromised and drained? You have to act quickly.
Reversing a Garnishment of Bank Accounts
If the IRS decides to garnish bank accounts you have – even those belonging to others, that you also have your name on – you have a very narrow window of time to take action – usually no greater than 21 days. An IRS bank levy release can be difficult to obtain and will almost certainly require a formal resolution to be put in place immediately. And this agreement must be established before the 21-day timeframe draws to a close; after the conclusion of a bank levy, IRS return-of-funds approvals are unlikely.
The most effective method of releasing a tax levy on bank accounts may be to accept tax help from a licensed professional. Since you won’t get a heads-up through the mail in the form of a “Notice of Levy on Bank Accounts”, your response time is limited. A tax relief company, such as Tax Defense Network, LLC, has a staff of licensed tax professionals who can answer every question you have that falls under, “what is a levy on a bank account”. More importantly, they know the necessary steps to take to get your resolution in place and your money back where it belongs.
Facts and Resolutions
When you’re contending with a force like the IRS, who can garnish your bank account and deprive you of hard-earned money in the blink of an eye, you have to be protect yourself. In the interest of handling this self-protection, your first step should be preparedness. If you have a tax debt, consider professional tax services such as those offered by Tax Defense Network, LLC.
You don’t need a “Writ of Garnishment, Bank Account” in order to put a resolution in place – and you shouldn’t wait until you have 21 days to rescue your money. You can consult with a licensed tax professional today for no cost to determine an affordable, formal solution that keeps your money safe and sound. A seasoned pro can resolve the IRS on terms that suit you and satisfy your tax debt, all at once.