Why did IRS LEVY my Bank Account?
You can get your IRS levy removed within 72 hours and settle your case with the IRS.
As a former IRS agent many taxpayers are surprised that the IRS levied their bank account. They knew about things like that but they never thought it might happen to them.
Not only are they surprised, they are shocked because there funds have been seized and frozen by the bank. But there is good news as you keep reading.
You may have a hard time believing  this but the Internal Revenue Service does not want to send IRS bank levies on taxpayer accounts.
As a former IRS agent I have served thousands and thousands of bank account levies belonging to taxpayers and the reason I did this is very simple.
Taxpayers never responded to the letters and calls that I had made to them to try to settle there case and they never contacted me back.
Per IRS, I had to follow up with a bank account levy.
 
The Good News.
About 50% of the time bank account levies can be removed within three days  if you hire a professional firm that knows what they are doing.
What is required of the taxpayer is to send the IRS a current  financial statement which is on form 433F  along with all documentation and all and substantiation and a proposed plan of action.
After IRS carefully reviews your current financial situation IRS will close your case and release the IRS levy on your bank account.
IRS when settling your case will either put you into a non-collectible status due to your  will  current financial condition, insist that you make a monthly installment payment with them or consider you a candidate for offer in compromise.
Your current financial statement determines the outcome of your case and therefore you must be accurate, honest about your current financial situation.
As a general rule when we work most cases with the IRS we can get bank account levies released within a 72 hour.
The only thing that slows us down is the taxpayer/ client. Once we have the financial statement and documentation in our hand we usually can get a levy release on a bank account that very day.
Other information you should know.
The Internal Revenue Service only freezes the money in your bank account for a 21 day period of time.
That means you can continue to use your bank account except for the monies that were frozen on the day the bank received a levy.
You can continue to make deposits and operate that bank account as if  no  bank account levy occurred. If you have any questions or concerns call us on this and we can shed more light on this issue for you.
 
What is a Levy in the first place?

A levy is a legal seizure of your property to satisfy a tax debt.
Internal Revenue Service levies are different from IRS tax liens.
While a lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt. These two are often confused.
If the IRS sent you a levy the lien is not far away.
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 property that you hold such as your car, boat, or house, or IRS could levy/seize 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 Bank Account Levies
If IRS levies your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days.
This holding period allows time to resolve any issues about account ownership.
After 21 days, the bank must send the money plus interest, if it applies, to the IRS. To discuss your case, call the IRS employee whose name is shown on the Notice of Levy.
 
The IRS three requirements before IRS Bank Account Levy:
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.
IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
 
What the Release means
A levy release does not mean you are exempt from paying the balance.
The IRS will work with you to establish payment plans or take other steps to help you pay off the balance.
To help ensure quick action, please have the fax number available for the bank or employer office that is processing the levy.
Levies on Wages
Employers generally have at least one full pay period after receiving a Form 668-W, Notice of Levy on Wages, Salary and Other Income before they are required to send any funds from their employee’s wages.
Encourage your employees that have a levy placed on their wages to contact the IRS as soon as possible to discuss a release of levy and resolution of their tax liability.
 
Managerial Review
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. Some of the issues you may discuss include:

• You paid all you owed before we sent the levy notice,

• Internal Revenue Service assessed the tax and sent the levy notice when you were in bankruptcy, and subject to the automatic stay during bankruptcy,

• The IRS made a procedural error in an assessment,

• The time to collect the tax called the statute of limitations expired before we sent the levy notice,

• You did not have an opportunity to dispute the assessed liability,

• You wish to discuss the collection options, or

• You wish to make a spousal defense.

 
The IRS Office of Appeals may help you

At the conclusion of your hearing, the Office of Appeals will issue a determination. You will have 30 days after the determination date to bring a suit to contest the determination. Refer to Publication 1660 (PDF), for more information.
If your property is levied or seized, contact the employee who took the action. You also may ask the manager to review your case.
If the matter is still unresolved, the manager can explain your rights to appeal to the Office of Appeals.
Fresh Start Tax LLC
We are comprised of tax attorneys, certified public accountants, former IRS agents managers and tax instructors.
You can contact us today and we can work out a tax settlement with the Internal Revenue Service and get your IRS levy on your bank account released.
We are A+ rated by the Better Business Bureau.
 
Why did IRS LEVY my Bank Account?  How can I STOP IRS – Former IRS