Definition of IRS Bank Levy and What You Should Do First
Orkhan Ibadov
September 19, 2011
An IRS bank levy has to be the most effective and strongest collection action that the IRS has to recover monies believed owed to them. The IRS has the ability to freeze your assets and then take those assets without your permission and without due process from any court ruling. An IRS bank levy is also very debilitating to the taxpayers that this levy is imposed upon. Monies that once were there can be gone in an instant and could leave the average taxpayer in complete despair and more importantly, completely financially distressed. Checks bounce, rent/mortgage bills and other utilities go without being paid, day to day essentials (like food or gas) cannot be taken care of which can lead to even more despair and hopelessness for the average taxpayer.
In short, an IRS bank levy can and does cripple the average taxpayer in a very short period of time. But you need to know, taxpayers have rights regarding a levy but there will only be a small window of time to know and exercise these rights to get you the relief needed against your IRS bank levy. You also need to know you have 20 days to fight to recover these funds because on day 21, those funds will be turned over to the IRS by your bank according to law. Not to say that you cannot get those assets back (for a very good reason) after day 21 but you will have a harder fight on your hands once your funds are in their possession. An IRS bank levy is not an instant "seizure" of your assets but your assets will be frozen for that period of twenty days and you have until that time to have it relieved and if not, to say goodbye to it. This is when a tax professional will be of great value and you should get in touch with one as soon as possible to get that IRS bank levy released. This is one time that what you say can greatly affect the outcome of that IRS bank levy and if you are not well versed and knowledgeable in your conversation with them, it could lead to even more issues and other levies.
Please use a tax professional to fight on your behalf regarding an IRS bank levy to get the relief you need and do not try to deal with them yourself if at all possible. If you have gotten to this point, it is because you have completely ignored or disregarded any correspondence that have been sent to you previously or you have moved and never received their letters to begin with. Either way, it may not matter and what your focus needs to be concentrated on is how to relieve yourself from this IRS bank levy as soon as possible. And for those who "not much" was taken and you continue to ignore it, please note that they will be back with another IRS bank levy in the near future and/or may start coming after your wages with an IRS wage levy as well.
To get started, a simple matter of communication is required. You should be patent and find a tax company that can help you. Be sure to make research before you find one. You can ask your friends, family members or someone who has used the service of a particular company and achieved positive results with IRS bank levy.
Do you have problems with IRS Bank Levy? You can learn all the procedures about it by getting FREE consultation by ex-IRS agents who will help you this and other Tax Debt Relief topics.
In short, an IRS bank levy can and does cripple the average taxpayer in a very short period of time. But you need to know, taxpayers have rights regarding a levy but there will only be a small window of time to know and exercise these rights to get you the relief needed against your IRS bank levy. You also need to know you have 20 days to fight to recover these funds because on day 21, those funds will be turned over to the IRS by your bank according to law. Not to say that you cannot get those assets back (for a very good reason) after day 21 but you will have a harder fight on your hands once your funds are in their possession. An IRS bank levy is not an instant "seizure" of your assets but your assets will be frozen for that period of twenty days and you have until that time to have it relieved and if not, to say goodbye to it. This is when a tax professional will be of great value and you should get in touch with one as soon as possible to get that IRS bank levy released. This is one time that what you say can greatly affect the outcome of that IRS bank levy and if you are not well versed and knowledgeable in your conversation with them, it could lead to even more issues and other levies.
Please use a tax professional to fight on your behalf regarding an IRS bank levy to get the relief you need and do not try to deal with them yourself if at all possible. If you have gotten to this point, it is because you have completely ignored or disregarded any correspondence that have been sent to you previously or you have moved and never received their letters to begin with. Either way, it may not matter and what your focus needs to be concentrated on is how to relieve yourself from this IRS bank levy as soon as possible. And for those who "not much" was taken and you continue to ignore it, please note that they will be back with another IRS bank levy in the near future and/or may start coming after your wages with an IRS wage levy as well.
To get started, a simple matter of communication is required. You should be patent and find a tax company that can help you. Be sure to make research before you find one. You can ask your friends, family members or someone who has used the service of a particular company and achieved positive results with IRS bank levy.
Do you have problems with IRS Bank Levy? You can learn all the procedures about it by getting FREE consultation by ex-IRS agents who will help you this and other Tax Debt Relief topics.
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