IRS Bank Account Levy Help, Former IRS – Stop IRS Bank Levy, Affordable      1-866-700-1040

 
 
If you have received an IRS bank account levy and need immediate tax help please contact us today and speak directly to former IRS agents, managers and tax instructors.
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 tax offices of the Internal Revenue Service.
We have a 21 day window in which to get the money back from the Internal Revenue Service in full.
 
 

A Bank Cannot turn the money over to the IRS right away, they must wait.

 
There is a Holding Period for a IRS Bank Account Levy.
A bank must wait 21 calendar days after a levy is served before sending payment to the IRS.
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.
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).
If the bank receives no release, it must send the payment after the holding period. No additional notice is required.
 
 

What is a IRS Levy or Garnishment

 
 
A levy is a legal seizure of your property to satisfy a tax debt.
IRS Tax Levies are much different from tax liens.
A tax lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt. A levy is an actual seizure of assets.
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 could seize and sell property that you hold such as your car, boat, or house or
the Service could levy 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).
 
 

What is required for an IRS bank account levy to be released ASAP

 
 
To get an immediate release of an IRS bank account levy a taxpayer will be required to give IRS a current financial statement.
That financial statement will be turned over to IRS on form 433-F.
That financial statement will need to be fully documented along with all copies of pay stubs, bank statements and a verification of all expenses. The Internal Revenue Service will review your financial statement and determine which of three closing categories that you will be placed into.
The Internal Revenue Service may place you into an economic tax hardship, IRS may recommend a payment or installment agreement  or let you know that your are a  suitable candidate for a tax debt settlement offer in compromise. Your financial statement will dictate the closing method that will be used by the Internal Revenue Service.
That is why it is critical to turn to an IRS tax professional to prepare, to contact the IRS, and to make sure the closing method IRS wants to invoke suitable to your current financial condition.
 

Rules of Bank Account Levies : IRS usually levy only after these three requirements are met:

• The IRS assessed the tax and sent you a Notice and Demand for Payment,

• You neglected or refused to pay the tax and

•  The 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 has options on methods of service.

• The 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.

 
IRS can levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
 
Notes about a Release of Levy
A bank account 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.
 

If you do not like the results from the IRS Agent, Appeal

 
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,

• The IRS assessed the tax and sent the levy notice when you were in bankruptcy, and subject to the automatic stay during bankruptcy,

• 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.

 
IRS Bank Account Levy Help –  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.
You also may ask the manager to review your case for IRS Bank Levy Help.
If the matter is still unresolved, the manager can explain your rights to appeal to the Office of Appeals.
Levying Your Wages, Federal Payments, State Refunds, or Your Bank Account
 

If we levy your wages, salary, federal payments or state refunds, the levy will end when:

 
a. The levy is released,
b. You pay your tax debt, or
c. The time expires for legally collecting the tax.
 

 Information about a Bank Liaison

 
The holding period was created to settle disputes about ownership of bank accounts before money is sent.
Sometimes ownership is not settled before the holding period ends. If this happens, ask the bank for more time.
 
 

Amount that Must be Surrendered for a IRS Bank Account 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.
 
IRS Bank Account Levy Help, Former IRS – Stop IRS Bank Levy, Affordable