by Fresh Start Tax | Nov 21, 2018 | Tax Help
The IRS bank levy is the chief collection tool of the collection division to collect back taxes on taxpayers that have failed to pay.
The IRS over the years typically files anywhere between 1/2 a million to a million, both Bank and wage garnishment levies.
It requires no manpower for the Internal Revenue Service to actually file an IRS bank lev, it is done systematically out of the IRS CADE2 computer.
The Internal Revenue Service keeps its levy sources by collecting your financial information on their computerized system and recording it over the last six years, yes all 1099, W-2, and any financial institution that has required information to file with the Department of treasury appear on this system. Also if you have written a check to the Internal Revenue Service in the past six years records that is a levy source as well.
If you have not paid the Internal Revenue Service, a final notice of a bank or wage garnishment levy is systematically filed.
The good news about the IRS bank levy is this, your money is frozen in the bank for 21 days, that is, you have 21 days to contact the Internal Revenue Service and they will issue a release of the bank levy but you have to know how to accomplish that and how to make sure that takes place within 21 days.
If the Internal Revenue Service has sent your bank a tax levy and you wish to get an immediate release, call us today. Since 1982.
We have over 200 years of professional tax experience, over 100 years of working directly for the Internal Revenue Service and our staff is composed of certified public accountants, enrolled agents, and former IRS agents, managers and teaching instructors.
We are true experts in IRS bank levies. As former IRS agents we have filed hundreds and hundreds of bank levies so we know the process of getting immediate releases of the documents.
When you call us we will give you a free initial tax consultation, walk you through the program and not only get you your IRS levy release but settle your case at the same time.
There is a very methodical way to get your IRS levy released.
THE HOW TO:
IRS will require a basic financial statement along with documentation and after review decide whether to put you into a currently not collectible, payment agreement or may encourage you to file an offer in compromise.
The Internal Revenue Service will have to be contacted and complete documentation of your current financial statement must be given to the Internal Revenue Service or they will make an immediate determination if the financial statement is complete.
We generally immediately send in a power of attorney for all our clients complete and prepare the financial statement along with the documentation, call the Internal Revenue Service and get immediate releases of the federal bank or wage garnishment levies.
After a review your financial statement we will be able to set up a course of strategy and get your levy released immediately.
As a general rule within 24 hours of receiving your current financial statement we can get your bank levy released by the Internal Revenue Service.
Information you need to know about the IRS bank levy.
A levy is a legal seizure of your property to satisfy a tax debt.
IRS Levies are different from IRS liens.
A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.
Where does Internal Revenue Service (IRS) authority to levy originate?
The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax. See IRC 6331. Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless the IRC exempts the property from levy.
What actions must the Internal Revenue Service take before a levy can be issued?
The IRS will usually levy only after these three requirements are met:
• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
• 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.
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. If you have moved and not let the Internal Revenue Service know, many tax payers find themselves between a rock and a hard place because IRS sends the last final notice to the last filed address on the tax return.
Please note: if the IRS levies 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.
When will the IRS issue a levy?
If you do not pay your taxes (or make arrangements to settle your debt), and the IRS determines that a levy is the next appropriate action, the IRS may levy any property or right to property you own or have an interest in.
For instance, the IRS 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). Or, the IRS could seize and sell property that you hold (such as your car, boat or house).
What if a levy on my wages, bank, or other account is causing a hardship?
If the levy on your wages is creating an immediate economic hardship, the levy must be released. If the levy on your bank account or other account is creating an immediate economic hardship, the levy may be released.
An economic hardship occurs when we have determined the levy prevents you from meeting basic, reasonable living expenses. In order for the IRS to determine if a levy is causing hardship, the IRS will usually need you to provide financial information so be prepared to provide it when you call.
A levy release does not mean you are exempt from paying the balance.
The IRS will work with you to establish a payment plan or take other steps to help you pay off the balance. To help ensure quick action, please have the fax number available for the employer, bank or other financial institution that is processing the levy.
When the levy is on a bank account, the Internal Revenue Code (IRC) provides a 21-day waiting period for complying with the levy.
The waiting period is intended to allow you time to contact the IRS and arrange to pay the tax or notify the IRS of errors in the levy.
Generally, IRS levies are delivered via the mail. The date and time of delivery of the levy is the time when the levy is considered to have been made.
In the case of a bank levy, funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds you add to your bank account after the date of the levy.
IRS Wage Levies may Follow
If the IRS levies (seizes) your wages, part of your wages will be sent to the IRS each pay period until:
• You make other arrangements to pay your overdue taxes,
• The amount of overdue taxes you owe is paid, or
• The levy is released.
Part of your wages may be exempt from the levy and the exempt amount will be paid to you. The exempt amount is based on the standard deduction and an “amount determined” calculated in part based on the number of dependents you are allowed for the year the levy is served.
The IRS mails Publication 1494 (PDF) with the levy which explains to your employer how to determine the amount exempt from levy.
Your employer will provide you with a Statement of Dependents and Filing Status to complete and return within three days. If you do not return the statement in three days, your exempt amount is figured as if you are married filing separately with no dependents (zero). If you have other income sources, the IRS may allocate the exemptions to the other income source and levy on 100% of the income from a particular employer.
Levies are different from liens.
A lien is a legal claim against your property to secure payment of your tax debt, while a levy actually takes the property to satisfy the tax debt.
A federal tax lien comes into being when the IRS accesses a tax against you and sends you a bill that you neglect or refuse to pay it. The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
You have the right to appeal if the IRS advises you of the intent to file a Notice of Federal Tax Lien. Your appeal rights are explained in IRS Publication 1660, Collection Appeal Rights (PDF).
When filed, the Notice of Federal Tax Lien is a public document that alerts other creditors that the IRS is asserting a secured claim against your assets.
Credit reporting agencies may find the Notice of Federal Tax Lien and include it in your credit report. An IRS levy is not a public record.
Call us today for a free initial tax consultation and speak to a true IRS tax expert regarding your IRS bank levy or wage levy garnishment.
We are one of the nation’s top defense tax firms.
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by Fresh Start Tax | Nov 20, 2018 | Tax Help
If the Internal Revenue Service has sent your bank a tax levy and you wish to get an immediate release, call us today. Since 1982.
We have over 200 years of professional tax experience, over 100 years of working directly for the Internal Revenue Service and our staff is composed of certified public accountants, enrolled agents, and former IRS agents, managers and teaching instructors.
We are a local South Florida tax firm that has worked out of the South Florida IRS offices.
We are true experts in IRS bank levies. As former IRS agents we have filed hundreds and hundreds of bank lobbies so we know the process of getting immediate releases of the documents.
When you call us we will give you a free initial tax consultation, walk you through the program and not only get you your IRS levy release but settle your case at the same time.
Feel free to come into our office, Skype us, or call us by phone for free initial tax consultation and we will walk you through the process of getting immediate releases of a banker wage garnishment levy.
There is a very methodical way to get your IRS levy released.
IRS will require a basic financial statement along with documentation and after review decide whether to put you into a currently not collectible, payment agreement or may encourage you to file an offer in compromise. After a review your financial statement we will be able to set up a course of strategy and get your levy released immediately.
As a general rule within 24 hours of receiving your current financial statement we can get your bank levy released by the Internal Revenue Service.
Information you need to know about the IRS bank levy.
A levy is a legal seizure of your property to satisfy a tax debt.
IRS Levies are different from IRS liens.
A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.
Where does Internal Revenue Service (IRS) authority to levy originate?
The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax. See IRC 6331. Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless the IRC exempts the property from levy.
What actions must the Internal Revenue Service take before a levy can be issued?
The IRS will usually levy only after these three requirements are met:
• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
• 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.
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. If you have moved and not let the Internal Revenue Service know, many tax payers find themselves between a rock and a hard place because IRS sends the last final notice to the last filed address on the tax return.
Please note: if the IRS levies 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.
When will the IRS issue a levy?
If you do not pay your taxes (or make arrangements to settle your debt), and the IRS determines that a levy is the next appropriate action, the IRS may levy any property or right to property you own or have an interest in.
For instance, the IRS 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). Or, the IRS could seize and sell property that you hold (such as your car, boat or house).
What if a levy on my wages, bank, or other account is causing a hardship?
If the levy on your wages is creating an immediate economic hardship, the levy must be released. If the levy on your bank account or other account is creating an immediate economic hardship, the levy may be released.
An economic hardship occurs when we have determined the levy prevents you from meeting basic, reasonable living expenses. In order for the IRS to determine if a levy is causing hardship, the IRS will usually need you to provide financial information so be prepared to provide it when you call.
A levy release does not mean you are exempt from paying the balance.
The IRS will work with you to establish a payment plan or take other steps to help you pay off the balance. To help ensure quick action, please have the fax number available for the employer, bank or other financial institution that is processing the levy.
When the levy is on a bank account, the Internal Revenue Code (IRC) provides a 21-day waiting period for complying with the levy.
The waiting period is intended to allow you time to contact the IRS and arrange to pay the tax or notify the IRS of errors in the levy.
Generally, IRS levies are delivered via the mail. The date and time of delivery of the levy is the time when the levy is considered to have been made.
In the case of a bank levy, funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds you add to your bank account after the date of the levy.
IRS Wage Levies may Follow
If the IRS levies (seizes) your wages, part of your wages will be sent to the IRS each pay period until:
• You make other arrangements to pay your overdue taxes,
• The amount of overdue taxes you owe is paid, or
• The levy is released.
Part of your wages may be exempt from the levy and the exempt amount will be paid to you. The exempt amount is based on the standard deduction and an “amount determined” calculated in part based on the number of dependents you are allowed for the year the levy is served.
The IRS mails Publication 1494 (PDF) with the levy which explains to your employer how to determine the amount exempt from levy.
Your employer will provide you with a Statement of Dependents and Filing Status to complete and return within three days. If you do not return the statement in three days, your exempt amount is figured as if you are married filing separately with no dependents (zero). If you have other income sources, the IRS may allocate the exemptions to the other income source and levy on 100% of the income from a particular employer.
Levies are different from liens.
A lien is a legal claim against your property to secure payment of your tax debt, while a levy actually takes the property to satisfy the tax debt.
A federal tax lien comes into being when the IRS accesses a tax against you and sends you a bill that you neglect or refuse to pay it. The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
You have the right to appeal if the IRS advises you of the intent to file a Notice of Federal Tax Lien. Your appeal rights are explained in IRS Publication 1660, Collection Appeal Rights (PDF).
When filed, the Notice of Federal Tax Lien is a public document that alerts other creditors that the IRS is asserting a secured claim against your assets.
Credit reporting agencies may find the Notice of Federal Tax Lien and include it in your credit report. An IRS levy is not a public record.
Call us today for a free initial tax consultation and speak to a true IRS tax expert regarding your IRS bank levy or wage levy garnishment.
We are one of the nation’s top defense tax firms.
IRS Bank Levies + Get Levies Released Immediately + Former IRS Agents + Ft. Lauderdale, Miami, Boca , Palm Beaches
by Fresh Start Tax | Jun 25, 2014 | Tax Help
Get your money back from the Internal Revenue Service.
We can get IRS bank and wage garnishment levy released, get your money back and settle your case all at the same time.
We have over 60 years of combined work experience in the local, district, and regional tax offices of the IRS and understand the systems and the protocols to deal with the IRS levy and tax settlement.
IRS tax levies
An IRS bank levy is different from an IRS wage garnishment levy.
When a bank receives a levy from the Internal Revenue Service it places a 21 day freeze on your account. The taxpayer has 21 days to contact IRS and get a bank levy release. We can accomplish this for you.
The wage garnishment levy is different.
Your next paycheck will go to the Internal Revenue Service with the exception of around 15%.
To get a IRS bank or wage Levy garnishment released IRS will want a current verified financial statement along with pay stubs, three months worth of bank statements and a copy of all your monthly expenses.
IRS will review your current verifiable financial statement and come to a determination on how they will exit your case off the enforcement computer.
The Internal Revenue Service will either place your case into an uncollectible status or place you in to a monthly payment agreement.
Contact us today for a free initial tax consultation and we can walk you through the process of getting immediate releases of IRS bank levies and wage garnishment levies.
Another note of importance, IRS will require that all back tax returns are filed, current and up-to-date.
If you have not filed back tax returns it had a few records we will be able to comply with the Internal Revenue Service and file your tax returns within days.
Levy – IRS Bank Levy, Wage Garnishment Levy * Fast Affordable* Richardson, Plano, Farmer Branches, Carrollton
by Fresh Start Tax | Apr 24, 2013 | Tax Levy and Wage Garnishments
IRS Bank Levy, Wage Levy Garnishments – Get Releases ASAP, Former IRS 1-866-700-1040
The Internal Revenue Service sends out 3.6 million IRS bank levies and IRS wage garnishment levies each year.
The IRS CADE2 computer generates these levy notices both banks and employers systemically.
Not a human hand touches these a bank levy or Wage levy garnishment.
Thousands of these notices are sent every day to taxpayers who are failed to respond to the last billing notice the IRS is sent to their last known mailing address. Sadly millions of taxpayers never have received their final builder notice to even respond to the Internal Revenue Service and that is because the IRS has a protocol that states that it is only required to send the last billing notice to the last known address on their last file tax return.
As a former IRS agent I sent out hundreds and hundreds of IRS bank levies and wage garnishment levies.
Because of my years of experience at the Internal Revenue Service I know the exact protocol, the exact format, and the exact settlement procedures to go ahead and to get your IRS wage levy garnishment or IRS bank levy released as soon as possible.
We have over 206 years of professional tax experience, over 60 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the Internal Revenue Service and we are a plus rated by the Better Business Bureau.
The process of getting the IRS bank levy or wage Levy garnishment released
There is a very exact process or protocol that the Internal Revenue Service uses to get the IRS bank levy or wage Levy garnishment released.
Before IRS releases anyone off the hook they need to determine the collectibility of each and every taxpayer or business before they close off the case off the IRS collection computer called CADE 2.
IRS will require a current financial statement.
You can find that financial statement on our website. The forms is the 433-F. You will have to complete every box on the form and have it completely documented before the Internal Revenue Service will make a determination on how your case can be closed.
Documents Needed for Release of IRS Bank Levy or Wage Garnishment
Beside the IRS financial statement the IRS will require copies of pay stubs, of bank statements for the last 3 to 6 months and a copy of all your bills receipts and expenses for a period of three months.
The Internal Revenue Service will also make sure that all your tax returns are up-to-date and that you are having the proper amount of withholding taken out of your paycheck.
If you are self-employed they will make sure that you are making current estimate tax payments
IRS will carefully review your financial statement and apply it against the national and regional standards. you can find those national and regional standards on her website. Click on the IRS forms on our homepage and you will be brought to the national standards. IRS will then make a determination as to how they will close your case.
That can be appealed if you do not like the decision. You have the option of filing CAP for someone else to review your case.
How your case will be settled with the Internal Revenue Service
IRS will either close your case suggesting you are a suitable candidate for an offer in compromise, they may determine that you could make a current monthly payment to them based on your financial statement or the IRS may determine because of your present condition you are at this time currently not collectible.
If the IRS determines that your case is currently non-collectible they will place your case in suspense for the next three years.
As a general rule once your adjusted gross income shows a higher amount, your case will be generated back to the field and your case brought back to the enforcement computer and the process starts again all over with bills and notices.
The IRS Bank Levy
When a bank receives the levy notice from the Internal Revenue Service all funds are frozen in that account for 21 days.
The funds that are frozen are only those monies that are in the bank account on the day the bank received the IRS levy.
By law, those are the only funds that are frozen.
You can continue to use that bank account as much as you want except for the frozen funds. Contrary to popular belief your bank account is not closed.
The Internal Revenue Service gives taxpayers a 21 day grace period to go ahead and allow them to get the release of the Bank Levy and get their monies back in their hand.
The wage levy garnishment
The wage levy garnishment unlike the bank levy is a continuous levy.
It continues to garnish or seizes a person’s paycheck week after week until the employer receives an actual release from the Internal Revenue Service.
All taxpayers should act immediately upon receiving an IRS bank levy or wage Levy garnishment. We can get your bank levy or your wage levy garnishment released immediately as soon as we have your current financial statement with all documentations in our hand.
Call us today for free initial consultation and you can speak directly tax attorneys, certified public accountants, or former IRS agents who are tax experts for IRS bank levies and release of wage levy garnishments,
We not only will get your IRS bank levy or your wage levy garnishment released we will also settle your case. We are affordable, A+ rated by the Better Business Bureau and have been in private practice since 1982.
IRS Bank Levy, Wage Levy Garnishments – Get Releases ASAP, Former IRS
by steve | Sep 28, 2011 | IRS Tax Problem, Tax Levy and Wage Garnishments
FRESH START TAX L.L.C. SINCE 1982 AFFORDABLE IRS TAX EXPERTS A PROFESSIONAL TAX FIRM “A” RATED BY THE BBB 1-866-700-1040
We can get immediate releases of bank and wage levy garnishments.
We are former IRS Agents / Managers who know the exact system to get immediate tax results and tax relief.
Call us for a no cost professional consult and GET YOUR MONEY BACK FROM THE IRS .
We have released and removed thousands of IRS Tax Levies since 1982 and we are “A” Rated by the Better Business Bureau.
We the truth about your case. We are affordable, fast and you will enjoy a professional experience.
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- We taught Tax Law in the IRS Regional Training Center
- Former IRS Agents, Managers and Instructors with over 60 years experience in the local, district and regional IRS offices.
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed and certified to practice in all 50 States
- Nationally Recognized Veteran /Published Former IRS Agent
- Nationally Recognized Published EZINE Tax Expert
- As heard on GRACE 90.3 FM Monthly Radio Show-Business Weekly
IRS Bank Levy, Wage Garnishments – How we can immediately get Notices of Bank Levy and Wage Garnishment Released.
As former IRS Agents, Managers and Instructors we have issued thousands of IRS Wage/Garnishment and Bank Levies. We know exactly how to quickly get them released. We have what it takes.
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak to them.
2. We will make sure all your tax returns are filed and current. If your tax returns are not up to date, the IRS will refuse to work your case. This is leverage that they use to get you compliant. We can pull tax transcripts, file and prepare your tax returns within days, even if you have lost your tax records.
3. The IRS requires a current financial statement. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement. The IRS will require a closing settlement method for each case.
4. We review with our clients how they want to settle their case. We get them an agreement based on their current financial needs.
IRS Tax Settlement Agreements can be in different forms:
a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to meet your current expenses. The IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs the IRS uses for the lowest possible amount required.
c. Offer in Compromise. There are three types of OICs:
The IRS may accept an Offer in Compromise based on three grounds:
1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include:
(1) the examiner made a mistake interpreting the law,
(2) the examiner failed to consider the taxpayer’s evidence or
(3) the taxpayer has new evidence.
3. Effective Tax Administration/ Exceptional Circumstances – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
See our home page for more details Thank you
