Bank Levy Release Help – Former IRS Bank Levy Experts – Get your Money Back 1-866-700-1040
If you are looking for bank levy relief help call former IRS agents and managers. We are true tax experts to get your money back in your hands quickly and for affordable fees.
If you have received an IRS bank levy you are not alone.
The IRS filed more than 3.6 million bank levies and wage garnishment levies to taxpayers owing back taxes.
Be advised that the bank must hold the bank levy for a period of 21 days before the funds get sent to the Internal Revenue Service. With that being said we have 21 days to get all your money back in your hands.
Contact us for free initial tax consultation.
You will speak directly to IRS tax attorneys, certified public accountants, or former IRS agents and managers.
We have over 60 years of direct work experience at the Internal Revenue Service in the local district and regional tax offices of the IRS.
We are true tax experts. We not only issued bank levies at the Internal Revenue Service we actually taught bank levy law to new IRS agents. We know the exact systems, the exact protocol and all the necessary rules and regulations to get your money back fast.
Not only can we get your bank levy released we can also settle your tax bill.
The Bank Levy is the major collection tool used by the Internal Revenue Service, and it is a beast. It is the largest collection tool in the world to collect back taxes.
A bank must wait or hold off for 21 calendar days after a levy is served before sending payment.
On the next business day, it must turn over the taxpayer’s money. The Internal Revenue Service gives the taxpayer 21 days to contact the Service and work out an agreeable plan to get the levy released.
Most professional tax resolution firm’s should be able to get your levy released with in this 21 day period.
What is required by the taxpayer to get a Bank Levy Release?
There is only one format that can be used by taxpayers to get a bank levy release.
It is critical that the taxpayer send or fax to IRS a current financial statement ( 433 f ) along with all documentation to start the process to get immediate release of the IRS bank levy notice.
I suggest if the taxpayer wishes to represent themselves they should fax the information to the Internal Revenue Service as the opposed to send it by mail.
Faxing speeds up the process.
If you can do this on the day you get the bank levy notice you will be eligible for immediate release of the bank levy notice and get your tax relief.
The 433F – The IRS financial statement
To get the tax relief you need you will have to fill out a form 433-F, this is the IRS financial statement.
This financial statement is a form 433-F.
That form must be completed and sent to the Internal Revenue Service.
You must be fully able to support every detail and number of the financial statement.
You can find this form on our website.
The Exact Process of getting a IRS Bank Levy Release
As a general rule, the Internal Revenue Service has sent out three or four tax notices or tax bills to the taxpayer or business who has not responded to the final notice.
That final notice describes the information regarding the seizure action that the IRS considered on your case. The last and final notice that you will receive from the Internal Revenue Service is the L 1058 letter. Many times this letter sent certified. As a general rule we have found in our practice that few people pick up certified mail when it is sent by the Internal Revenue Service.
Did you receive the IRS Final Notice?
In many cases because the taxpayers have moved and they have never received the final notices from the Internal Revenue Service. According to the Internal Revenue Service it is the taxpayer’s responsibility to advise the Service of any changes in addresses.
This is usually the last thing a person will think about when they move, however this is fully addressed in the internal revenue manual and cannot be used as an excuse by the taxpayer and it is the IRS who has the hammer.
The Levy Beast – CADE2 IRS Enforcement Computer
The next step is for the CADE2 computer system which is the IRS beast of a enforcement computer to systemically issue either a bank levy freeze or a wage garnishment notice to the taxpayers employer.
No human hand ever touches the Bank levy.
The Internal Revenue Service uses your last filed tax return and income tax transcripts to find out where your bank is located or who your employer is.
These are called IRS levy sources and are located within the CADE2 computer system. The Internal Revenue Service never dragnets areas or banks. All levy sources are found on their computers by information given to them by the taxpayer.
Get your financial statement into IRS ASAP for Immediate Tax Relief, we suggest faxing.
Before the Internal Revenue Service will release a bank levy or a wage garnishment the Internal Revenue Service will need a current financial statement to determine how to close the case within their system.
IRS will evaluate each taxpayer’s ability to pay after it receives a fully documented and accurate financial statement. The faster you get the financial information to the Internal Revenue Service the faster you will get the IRS bank levy or wage garnishment release.
Closing Methods for a Bank Levy Release from the IRS
The IRS will then determine which of the three closing method best suits the taxpayer based on their current financial statement.
Once the taxpayer agrees to the closing method that the IRS suggests the agent working the case will send an immediate release of the bank levy to the financial institution.
It should be known that the taxpayer has a right at any time to appeal the closing method that IRS suggests. You can contact us directly to file any notices of appeal.
The Internal Revenue Service will close your case off of the enforcement computer one of three ways.
IRS may recommend that you are to be eligible for economic tax hardship and place you into a currently not collectible file, they may determine that you should be able to make current installment payments, or they may decide that you are a suitable candidate for an offer in compromise.
Everything is based on your current and accurate financial statement, that’s why it is critical that a professional tax resolution specialist prepare your statement and negotiate with the Internal Revenue Service.
As a former IRS agent I can tell you there is a huge difference between a taxpayer worked in their own case and a tax professional. The results are dramatic.
To get an Immediate Release of a Bank Levy Release Help you need to:
To get an immediate release of a bank levy, a taxpayer should fully and accurately complete the 433F along with having all documentation to support that statement.
If a taxpayer calls us with the completed an accurate 433F financial statement along with all documentation that supports the financial statement, as a general rule, we can get an immediate release of the bank levy freeze that very day. But remember all the documentation must be there.
It is critical that you have all documentation to support your financial statement along with having copies of your last pay stubs last 3 to 6 months worth of bank statements.
It should be known that the Internal Revenue Service does not wish to levy but has no choice because the taxpayers did not respond to the bills and notices sent to the last known address.
Very Important – Information to get a Release of a IRS Bank Levy
1. The Law on the Holding Period on the IRS Bank Levy.
2. 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.
3. The depositor(s) can waive this waiting period. The bank will not send money that is subject to attachment or execution under judicial process.
4. A “Bank” includes credit unions, savings and loan associations, trust companies, and others described in IRC 408(n) and Treas. Reg. §301.6332–3(b).
5. During the IRS holding period, a IRS bank levy might be released, or the amount owed could decrease.
6. If the bank receives no IRS release, it must send the payment after the holding period.
The Bank Liaison Information for the IRS Bank Levy Help
The holding period was created to settle disputes about ownership of bank accounts before money is sent. You would be surprised on how many time the bank errors and sends the money on the wrong taxpayer.
IRS will 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.
Information For Multiple Signature Authority on Bank Accounts for Bank Levies
A levy served to a bank attaches to funds in a bank account for which the taxpayer has an unrestricted right to withdraw funds (signature authority) even if multiple persons have signature authority for that bank account.
As noted in Treasury Regulation 301.6332–1(c)(4) the unrestricted right to withdraw funds is an interest which is subject to levy.
Which Amounts Must be Surrendered by the IRS Bank Levy?
The bank must send the amount in the taxpayer’s accounts.
A bank levy attaches to any property or rights to property that belong to the taxpayer or on which there is a Federal tax lien, unless it is exempt. See IRC 6331, Levy and Distraint , for legal authority to levy.
However, it must send no more than the amount shown on the notice of levy.
Note:
By law, banks cannot immediately honor the IRS levy.
Important Information few know about
a. The notice of levy only reaches the amount on deposit when the levy is received.
b. Money deposited later is not surrendered, including deposits during the holding period.
c. Another levy must be served to reach this money. Also, the levy only reaches deposits that have cleared and are available for the taxpayer to withdraw.
d. Levy proceeds must not be reduced by any fee charged by the bank for processing the levy.
How will the IRS Credit a Bank Levy Payment
IRS will credit the bank levy payment on the date it is received.
They will credit the money in the most advantageous way to the government.
Generally, apply the money to the oldest assessment first.
The taxpayer can not designate how the money is applied because this is not a voluntary payment.
Rules for Income Deposited in a Bank Account
Part of taxpayer’s income is exempt from levy.
Once income is deposited in a bank, there is no exempt amount.
On the other hand, unlike a levy on wages and salary, a bank levy is not continuous.
When an entire paycheck is deposited, an economic hardship may exist because all of the money is levied. If this happens, release the levy in whole or in part, as appropriate, to avoid creating an economic hardship.
The IRS Economic Hardship to get your Bank Levy Release Immediately
Under IRM 5.11.2.2.1.4, Economic Hardship Provisions the IRS may determine to release of levy is required due to economic hardship.
A levy is required to be released when the Service determines the levy is creating an economic hardship, i.e., the levy will cause the individual to be unable to pay their reasonable necessary living expenses.
If a taxpayer cannot pay their current bills and they are living within their means, that is to say they are living within the national and regional standards as set forth by the IRS, they can be qualified as an economic tax hardship and be placed in the currently noncollectable file.
When that can be proven to the Internal Revenue Service the IRS will issue an immediate release of the bank levy freeze or wage garnishment.
What about Mortgage Escrow Accounts when the IRS send a Bank Levy
Banks generally require a portion of property taxes and insurance to be paid with each mortgage payment. This is held in escrow until the tax and insurance are paid. As long as the taxpayer can not withdraw money in these accounts, a levy can not reach it.
Sometimes the account is overpaid.
The taxpayer may have the option to get this refunded.
A levy can reach this.
Also, when property is sold, there may be escrow money that will be refunded to the taxpayer. A levy can reach this, too.
Information on Schools’ Bank Accounts
Bank accounts may be levied to collect taxes that colleges, universities, and other schools owe. These schools’ accounts may include money belonging to the Department of Education (ED). ED gives money to some schools for student aid. This is not the school’s money.
Bank Levy Release Help – Former IRS, Bank Levy Experts – Get your Money Back
