Bank Levy on Tax – Bank Tax Levy Releases – NOW

January 26, 2013
Written by: Fresh Start Tax


Bank Levy on Tax – Bank Tax Levy Releases – NOW  1-866-700-1040
 We are comprised of tax attorneys, CPAs, and former IRS agents, managers, and instructors who have over 60 years of direct work experience at the Internal Revenue Service.
We know all the tax  policies, tax settlement procedures and closing options to remedy your case as fast as possible.
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It is very possible to get a bank levy released on your back tax debt  today.
By contacting the IRS and providing them a current financial statement IRS has the ability to release your bank tax levy. IRS will require a valid form 433F  along with complete documentation.
IRS has a very specific process regarding all levies on bank account and/or wages. It should be known that the IRS does not like to levy but taxpayers give IRS no choice.
If the taxpayer does not comply with IRS notices, bills, and letters the IRS is systematically set up to issue levies on bank accounts and wages.
By levying a bank account or your wages it forces the taxpayer to contact IRS to provide them with a current financial statement along with documentation to reach a reasonable settlement with the Internal Revenue Service.
Upon reviewing your current financial statement and all documentation  to verify your financial statement, IRS will  usually will release a bank tax levy.
When contacting IRS with your financial statement it is best to have an exit strategy.
We will go over with you all the different strategies and tax options there are to settle your case with IRS.
IRS will be either looking for a tax settlement called the offer of compromise, or they will be looking for a payment or installment agreement, or based on your current financial statement IRS may determine that your case is a tax hardship at the current time.
You can learn more about economic tax hardships on our website.
At fresh start tax we contact the Internal Revenue Service with a power of attorney, provide the IRS your financial statement with all documentation and work out a tax settlement.
As a general rule, the day we provide IRS with your financial statement and documentation the Internal Revenue Service will release a bank tax levy.
What is a levy
A levy is a legal seizure of your property to satisfy a tax debt.
Levies are different from liens.
A  federal tax lien is a claim used as security for the tax debt, while a tax levy actually takes the property to satisfy the tax debt.
If you do not pay your taxes , the IRS may seize and sell any type of real or personal property that you own or have an interest in. IRS has the ability to seize and sell almost any asset that you have.
 IRS has the right to seize other assets
We could seize and sell property that you hold (such as your car, boat, or house), or
We could levy property that is yours but is held by someone else such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions.
IRS usually levies only after these three requirements are met:
1. IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax and,
3. IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
 Delivery of the IRS notice – IRS has options
IRS may give you this notice:
a. in person,
b. leave it at your home or
c. your usual place of business,
d.or send it to your last known address by certified or registered mail, return receipt requested.
The IRS may also levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
You may ask for the manager to review your case
You may ask an IRS manager to review your case, or you may request a Collection Due Process hearing with the Office of Appeals by filing a request for a Collection Due Process hearing with the IRS office listed on your notice.
You must file your request within 30 days of the date on your notice. This 30 days is a firm date and no extensions are granted.
Some of the issues you may discuss include:
a. You paid all you owed before we sent the levy notice,
b. We assessed the tax and sent the levy notice when you were in bankruptcy, and subject to the automatic stay during bankruptcy,
c .IRS made a procedural error in an assessment,
d. The time to collect the tax (called the statute of limitations) expired before we sent the levy notice,
5. You did not have an opportunity to dispute the assessed liability,
6. You wish to discuss the collection options, or make a spousal defense.
Bank Levy on Tax – Bank Tax Levy Releases – NOW

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