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IRS Bank Levy
An IRS bank levy is a tool the IRS uses in order to collect unpaid taxes from a delinquent taxpayer. An individual may be subject to a levy if they have money in the bank and owe taxes. The IRS has the authority to issue bank levies for taxpayers who have not responded to collection notices or phone calls.
At least 30 days before the levy is enacted and your accounts frozen, you will have received this notice in person at your home or business, or at your last known official address by certified or registered mail, return receipt requested.
If you have received the first Notice of Intent to Levy by the IRS, contact the attorneys at the Perliski Law Group.
The IRS levied my bank account.
When the IRS serves the levy, the bank is required to freeze the taxpayer’s bank account immediately. Your bank is required to freeze all the money in your account(s) up to the amount of the levy (that’s the grand total of everything you owe the IRS) for 21 days. Then, if IRS has not issued a Bank Levy Release, your bank must send that money to the IRS.
What can the IRS seize from my bank account?
In short, whatever is in your bank account at the time the levy is served on the bank, up to the amount of the levy, will be subject to the levy and frozen.
What about my outstanding checks?
Don’t expect your bank to honor those checks ahead of the IRS levy. Checks, account charges or loan payments owed to the bank won’t be paid until the amount of the levy is covered or until you make additional deposits.
What can I do about the levy?
Once you have hired the Perliski Law Group, we can call the IRS Revenue Officer whose name is shown on the Notice of Levy. During the 21-day period, we will have the time to fully examine your case and begin negotiations with the IRS Revenue Officer. We can encourage the Revenue Officer to release the funds from levy by coming up with an alternative collection method that won’t cause you a hardship.
Have a Question?
The Perliski Law Group understands that dealing with the IRS can be stressful. Our attorneys are all admitted to the U.S. Tax Court and have many years of experience working with IRS collections issues. We have broad shoulders; let us step in and negotiate on your behalf. During your free initial consultation, we will explain the options that may be available to you.
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