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Did the IRS levy your bank account?
We can help!
An IRS bank levy is a process the IRS uses to seize funds from a taxpayers bank account when they have an IRS tax debt. What does this mean? This means that the IRS takes the entire amount in the accounts and it gets applied to your outstanding tax debt. The IRS can place a bank levy on checking accounts, savings accounts, joint bank accounts, school bank accounts and anything else that the IRS looks as a way to fulfill the tax debt.
Once the IRS bank levy is attached to the taxpayer’s bank account, the bank is required to hold the funds for 21 days. During this 21 day timeframe, the taxpayer can make arrangements with the IRS to satisfy any open unpaid tax debts or prove the bank levy is causing extreme financial hardship. If no agreement is made, the bank must send all funds to the IRS to be applied to the taxpayer’s tax debt.
The bank levy can be quickly lifted if:
- The taxpayer pays back the entire amount of the tax debt owed in one payment.
- Make payment arrangements and enter into a formal Installment Agreement.
- Prove they are Currently Not Collectible.
- File for Innocent Spouse.
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