IRS Levy, Frozen Bank Account – Miami, Ft. Lauderdale, Palm Beach – Get your Money Back 954-492-0088
We are comprised of Tax attorneys, CPAs and former IRS agents who have over 60 years working directly out of the South Florida IRS offices
Let former IRS agents who worked out of South Florida IRS offices get your levy released as soon as possible.
Not only can we get your IRS levy released we can also settle your case as well.
If Internal Revenue Service has sent a 668-a bank account levy that has wiped your bank account out contact us today and get immediate tax relief and get your money back from the Internal Revenue Service.
You should know that your bank account is not frozen. The levy only applies to the date, to the day, place, and time of Levy.
What that means is that funds will only be frozen for that day only. The bank account can still be used.
We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service and the local, district, and regional South Florida IRS offices.
IRS usually sends out bank levies and freezes bank accounts because taxpayers fail to contact or respond to the Internal Revenue Service as a result of a notice, bill, or letter that was sent to you.
The IRS systemically sends out notices of Levy to collect those funds to get the taxpayer compliance with the tax laws of the United States.
When the Internal Revenue Service is contacted and receives a current financial statement along with documentation, IRS is open to immediately releasing the tax levy on your bank account and working out a settlement with you.
Contact us today and we can get that process started 954-492-0088
IRS Holding Period on bank accounts.
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).
During the holding period, a bank account levy might be released, or the amount owed could decrease.
If the bank receives no release, it must send the payment after the holding period.
No additional notice is required.
Consider the holding period when deciding how long to project the accruals on a bank levy.
Multiple Signature Authority for a Bank Account
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.
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.
Unlike a tax levy on wages and salary, a bank levy garnishment is not continuous.
Economic Hardship ( cannot pay the IRS because of a current hardship )
When an entire paycheck is deposited, an economic hardship may exist because all of the money is levied. If this happens, release the tax levy in whole or in part, as appropriate, to avoid creating an economic hardship.
Economic Hardship, for assistance in determining when a 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.
See our website for more information regarding a tax hardship. We can help with all IRS Levy’s and Frozen Bank Accounts.
