STOP the IRS Bank & Wage LEVY NOW – IRS Tax Attorneys, Former IRS – Affordable
STOP the IRS Bank & Wage LEVY NOW – IRS Tax Attorneys, Former IRS – Affordable 1-866-700-1040
Call us today and find out how we can stop an IRS bank levy or wage garnishment levy. The process is a simple one and based on our years of experience we can get the Bank or Wage tax levy released as fast as anybody in our professional business.
Having worked for IRS for over 60 years gives us an edge. We know the exact protocols the exact formulas any exact system IRS employees to stop the IRS bank and wage levy.
The process is a simple one.
IRS will want a current financial statement, a 433F. IRS will want that financial statement completely documented with all income, expenses and must also include bank statements and pay stubs. IRS will apply your income and expenses against the national standards.
The IRS national standards are used in every geographic region in the United States. The sole purpose of IRS using the national standards to make sure that taxpayers are living within their means.
You will not get IRS to stop a bank or wage levy and less the aforementioned process is followed.
Once IRS reviews your financial statement and make sure you have filed all your tax returns IRS will then place your account in one of two statuses.
Based on your current financial statement and documentation IRS will either place you into an economic tax hardship or enter you into an installment or payment arrangement.
For those who qualify for an IRS tax debt settlement called an offer in compromise, the IRS may release the levy as well based on the filing of your offer in compromise
Stop IRS Wage Levy Continuous Effect of Levy on Salary and Wages
Unlike other levies, a levy on a taxpayer’s wages and salary has a continuous effect.
It attaches to future payments, until the levy is released.
Wages and salary include fees, bonuses, commissions, and similar items. All other levies only attach to property and rights to property that exist when the levy is served.
If a bank account is levied, it only reaches money in the account when the levy is served.
It does not reach money deposited later.
When other income is levied, the levy reaches payment the taxpayer has a fixed and determinable right to. If the taxpayer’s right to that payment is not dependent upon the performance of future services, then the levy will reach the future payments as well.
IRS Tax Levy’s on Royalties
A Form 668-A is issued to levy an author’s royalties. The author has a fixed and determinable right to royalties for books that have already been published.
The levy reaches royalties for sales of those books in the future. The levy does not reach royalties for books that are written and published later.
A new levy must be served to take those royalties.
IRS Levy on Retirement Income
A Form 668-W is issued to levy a taxpayer’s retirement income. The taxpayer has a fixed right to the future payments; therefore, the levy remains in effect until it is released.
Holding Period.
IRS Bank Levy
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) and Treas. Reg. §301.6332–3(b).
During the holding period, a 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.
Bank Liaison
The holding period was created to settle disputes about ownership of bank accounts before money is sent.
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.
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.
As noted in Treasury Regulation 301.6332–1(c)(4) the unrestricted right to withdraw funds is an interest which is subject to levy.
A bank is served with a notice of levy for an unpaid tax liability due from the taxpayer in the amount of $2,000. The bank holds $2,000 in a checking account in the names of a taxpayer and a third party. Although all of the deposits into the account were made by the third party, the taxpayer has an unrestricted right to withdraw the funds from the account. The bank may send the Service the entire account balance at the end of the 21 day holding period.
The bank is not liable to the third party for any amount, even if the third party proves that the funds in the account did not belong to the taxpayer, because the taxpayer’s unrestricted right to withdraw the funds is an interest which is subject to levy.
The third party may, however, seek the return of the funds from the United States by making an administrative wrongful levy claim under IRC 6343(b) or file a suit under IRC 7426(a)(1) should the administrative claim be denied.
Wrongful Tax Levy
A non-liable third party may claim ownership of funds in a bank account when multiple people hold signature authority for that bank account. Treat this dispute as a potential wrongful levy.
A wrongful levy is a levy that improperly attaches property belonging to a third party in which the taxpayer has no rights.
See IRM 5.11.2.2.2, Wrongful and Erroneous Levies, for the procedures to follow in these situations.
For bank levies if additional time is needed beyond the 21 day hold period to determine ownership, request the bank hold the funds. Provide the potentially wrongfully levied party a deadline date for providing substantiation and provide the bank with a specific extension date to forward the funds.
Call us today and speak directly to tax attorneys, CPAs and former IRS agents who can get fast and quick results in stopping in IRS Bank wage levy.
STOP the IRS Bank & Wage LEVY NOW – IRS Tax Attorneys, Former IRS – Affordable