The Internal Revenue Service is required to send a Notice of Intent to Levy prior to any action to collect the unpaid taxes. Bank levies are a powerful collection tool designed by the IRS to get the taxpayer back into the system of voluntary compliance.
The tax levy source information comes from you the taxpayer. The IRS has information you provided on your prior tax returns. Taxpayer information comes from interest income from banks accounts, investment accounts, pension and IRA withdrawals reported on your tax returns. This tax information is reported through 1099, Schedule B, Schedule D, Schedule E and K-1 tax reporting. The IRS has information for property you own from the county courthouse records and the state vehicle registration records for automobiles, boats and other vehicles when you registered your ownership.
A bank is required by law to freeze the funds on the time and day of seizure for a period of 21 days. During this time, the taxpayer is able to resolve the issue through various options. Fresh Start Tax Professionals can help you determine the best option for your financial situation.
Immediately get a copy of the bank levy notice and call us. We will submit a power of attorney, pull your tax transcript, secure a financial statement and begin the removal process. By law, the bank must hold the funds for 21 days before releasing them to the IRS. This provides the time required to restore your entire account balance to your control.
First, all tax returns must be filed and up to date. Second, IRS forms will need to be completed, which show your current financial situation with verifications, sent to the right IRS representative. A Fresh Start Tax Professional has the experience to remove the levy timely and avoid delays from incomplete documentation and submission to the wrong IRS personnel.
We can get your levy released. We have helped countless thousands of people get their bank levy released. There are very specific guidelines to follow. We must file all tax returns, make sure you are current with all withholding tax, and give IRS current financial statements. After we get all the information from you, we immediately contact IRS and start the process. In most cases, after we have all the information the bank levy release can be obtained immediately.