How to STOP a IRS Bank LEVY – Free Tax Advice for Levy Releases
You may contact us today to find out how to stop your IRS bank levy.
We will give you free tax advice for any do-it-yourselves taxpayers.
If you received an IRS bank levy you are not alone.
The Internal Revenue Service sends out 2.9 million bank levies and wage levies last year alone.
The Internal Revenue Service sends these bank levies out because taxpayers failed to respond to last notice sent out by the Internal Revenue Service thus forcing IRS to play the heavy hand of enforcement given to them by Congress.
Without a human hand touching the IRS bank levy, the IRS Cade2 enforcement computer generates a bank levy to the taxpayers bank accounts that are found on the IRS computer systems.
The Internal Revenue Service has your bank information because banks report to the Internal Revenue Service the information on their account holders and those who receive interest income.
How to Stop a IRS Bank Levy
To stop in IRS bank levy, the IRS has a very specific procedure to get you immediate tax relief.
The Internal Revenue Service will need to review your current financial statement as well as your monthly living financial habits.
IRS will require a financial statement which is on the form of a 433-F.
You can find that form on our website.
IRS will require that the financial statement be completely documented along with bank statements, canceled checks and proof of income, they will want your pay stubs.
IRS will then compare that to the national and regional standards in your area to make sure the you are living within your means.
Once IRS reviews that financial statement there are three categories that are exit strategies used by the Internal Revenue Service. These settlement strategies will be appropriate for your case based on your financial statement.
The Internal Revenue Service will either put your case into:
- economic hardship,
- insist on a monthly installment payment or
- recommend that you were suitable and qualified candidate for an offer in compromise.
So the best way on how to stop an IRS bank levy is to contact the Internal Revenue Service provide the necessary financial information.
Once the Internal Revenue Service has all the financial information and has your exit strategy they will immediately release your levy. Believe it or not this can happen in one day.
Once you give us your current financial statement with all your documentation as a general rule we can get your levy released that day
The Bank Levy Holding Period
A bank must wait 21 calendar days after a levy is served before sending payment. Then, on the next business day, it must turn over the taxpayer’s money.
The depositor(s) can waive this waiting period. The bank will not send money that is subject to attachment or execution under judicial process. “Bank” includes credit unions, savings and loan associations, trust companies, and others described in IRC 408(n) and Treas. Reg. §301.6332–3(b).
During the holding period, a levy might be released, or the amount owed could decrease.
Note:
If the bank receives no release, it must send the payment after the holding period. No additional notice is required.
Bank Liaison for the IRS Bank Levy
The holding period was created to settle disputes about ownership of bank accounts before money is sent.
Assign a bank liaison in each territory to settle these issues quickly.
Sometimes ownership is not settled before the holding period ends. If this happens, ask the bank for more time.
How to STOP a IRS Bank LEVY – Free Tax Advice for Levy Releases