Remove IRS Bank Levy – Former IRS Managers – End Bank Levy Today
Remove IRS Bank Levy – Former IRS Managers – End Bank Levy Today 1-866-700-1040
Call today and get your IRS bank levy released and your case settled with the Internal Revenue Service.
We are comprised of tax attorneys, CPAs and former IRS agents, managers and tax instructors.
Contact us today for get your IRS Bank Levy removed and your case settled.
All our work is done in-house by one of our tax professionals that you will find on our homepage.
We have released thousands of levy’s since 1982 and we are A+ rated by the Better Business Bureau.
Why the IRS will send a Bank Levy
If you do not respond to final notice 1058 letter sent out by the Internal Revenue Service, the IRS will send out a bank levy to any known sources or financial institution and where you have funds.
IRS gets the bank levy information from your tax return. IRS looks and examines any W-2s or 1099s that you have received from banks, financial institutions or other parties and uses those as levy resources.
A bank levy is much different than a wage garnishment levy.
A bank levy is a one-time seizure by the Internal Revenue Service.
It freezes the money the day the levy is received by the bank. By law, the bank is required to freeze that money for 21 days. It gives the taxpayer a three-week window to contact the IRS and actually get the bank levy released.
You can still use and operate your bank account during this period of time.
Only those funds frozen on the day the bank received the levy are held for the Internal Revenue Service. If you were to make a deposit the day after the bank received the IRS levy those funds still belong to you.
How to get your bank levy released
IRS in all reality IRS wants to take your name off their enforcement computer close your case. Yes, one less case off the books.
Before IRS closes a case off the enforcement computer it needs to have a closing method.
IRS uses therefore 433F, the IRS version of the financial statement to go ahead and make a determination on the closing method and remove the IRS Bank Levy
IRS will carefully review your 433F financial statement along with bank statements, pay stubs and copies of all expenses and analyze them against the national, regional and geographical standards to make sure you are living within the budget that IRS allows. You can find those national standards on our site.
After the review of the 433F, the IRS agent will explain to you one of three closing methods they will propose to close your case and release or end your bank levy.
As a general rule, your case will be closed due to an economic tax hardship, an installment payment or the suggesting of the filing of an offer in compromise.
You should contact us for more details on these three specific methods of closures.
This section contains information on enforcement, issuing Notices of Levy and requesting a Federal Tax Lien filing in the Automated Collection System (ACS).
The Internal Revenue Code (IRC) 6331 authorizes levies to collect delinquent tax.
Unless specifically exempt, any taxpayer property or rights to property can be levied. However, the IRS may generally only levy when the following requirements are met:
1. The IRS assessed the tax and sent the taxpayer a notice and demand for payment;
2. The taxpayer has neglected or refused to pay the tax within 10 days after notice and demand;
3. The IRS sent the taxpayer a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the Levy; and
4. No Collection Due Process (CDP) request is filed in response to the Final Notice of Intent to Levy and Notice of Your Right to a Hearing, or a CDP hearing is conducted sustaining the proposed levy.
IRS may File a Federal Tax Lien
Liens give the IRS a legal claim to a taxpayer’s property as security for the tax debt.
The Federal Tax Lien arises when:
1. the IRS assesses the liability,
2. the IRS sends the taxpayer a Notice and Demand for Payment, and
3. the taxpayer neglects or refused to fully pay the debt within 10 days after notification. When these three requirements are met, the “assessment” lien arises without any further action by the IRS.
IRC 6323 authorizes the filing of a Notice of Federal Tax Lien (NFTL) in the public records. By filing the NFTL, the taxpayer’s creditors are publicly notified that the IRS has a claim against all the taxpayer’s property and to all the taxpayer’s rights to property.
Filing the NFTL generally gives the IRS priority against other creditors and in bankruptcy proceedings.
What Are Levies and Liens
A levy is a seizure by the IRS of the taxpayer’s property to satisfy a tax debt.
A Notice of Levy is used by the Automated Collection System (ACS) to seize a taxpayer’s property, held by a third party, if it can be turned over by writing a check, e.g., a taxpayer’s bank account, wages, commissions, retirement benefits, or money received as a contractor.
A tax lien is a legal claim on an individual’s property for payment or satisfaction of a tax debt. It attaches to all property or rights to property the taxpayer has or acquires, whether real and personal, tangible or intangible.
The NFTL is a document filed in state recording offices to make the tax liability public and protect the IRS’s priority as against other creditors of the taxpayer.
For corporations, a lien may be filed with the Secretary of State, depending on state law.
Should you need professional tax help in resolving your IRS bank levy and settling your case contact us today. You will speak with someone on our professional staff who has an expertise in IRS resolution. We are tax experts on IRS tax and wage levies.
Remove IRS Bank Levy – Former IRS Managers – End Bank Levy Today 1-866-700-1040