Tax Levy on Back Account – How to get your Money Back 1-866-700-1040.
Have Former IRS agents and managers get your money back.
If you have a tax levy on your bank account call us today and find out how easy it is to get your money back from the Internal Revenue Service.
We are comprised of tax attorneys, CPAs, enrolled agents and former IRS agents.
We have over 205 years professional tax experience in over 60 years of working directly for Internal Revenue Service as former agents, former managers, and former IRS instructors.
We have resolved and settled thousands of cases regarding Tax Levies on Bank Accounts.
Not only can we get your bank or wage levy release we can also work out a tax settlement with Internal Revenue Service.
If you do not answer IRS notices, letters, or bills IRS will systematically send out notices of tax levies on bank accounts or wages. These are done so on the IRS CASE 2 computer system.
The Process on getting your Tax Levy on a bank account released
To get your tax levy on your bank account released IRS will require a current financial statement with complete documentation.
You can go on the website of Fresh Start Tax and download form 433/F or 433/A and be prepared to accurately and correctly fill out all information. You may leave no section blank. You will also need to completely document the financial statement with all bill and receipts.
When Fresh Start Tax is retained we’ll will immediately send to IRS a valid power of attorney and you will never ever speak to the Internal Revenue Service.
We will help you complete the financial statement and the documentation required to get your levy released and your case closed.
If you need to file back tax returns we will make sure all your returns are filed and up-to-date.
We will also go over all the different tax options available to you and workout tax settlement with the Internal Revenue Service.
The Tax Levy Holding Period on a Bank Account
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.
For the record , “Bank” includes credit unions, savings and loan associations, trust companies, etc.. During the holding period, a levy might be released, or the amount owed could decrease.
Bank Account Levies – Amount that Must be Surrendered to the IRS
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. It must send no more than the amount shown on the notice of tax levy.
By Law, Tax Levy on Bank Accounts
By law banks cannot immediately honor the IRS levy. Thank god for the 21 day holding period.
Per IRS and their manual IRM 5.11.4.1, Holding Period, for guidance on the holding period after a bank levy. That period is 21 days.
For important information on the Levy seizure process of the IRS
The notice of levy only reaches the amount on deposit when the levy is received.
Money deposited later is not surrendered, including deposits during the holding period. Another tax bank levy must be served to reach this money.
Also, the bank tax levy only reaches deposits that have cleared and are available for the taxpayer to withdraw.
Levy proceeds must not be reduced by any fee charged by the bank.
At the end of the 21 days if the bank does not receive a release a Levy from the Internal Revenue Service bank then sends the money to IRS.
Requirements – Bank Identification of Property and Rights to Property
The instructions on Form 668-A, Notice of Levy, require the recipient to:
“Make a reasonable effort to identify all property and rights to property belonging to this person. At a minimum, search your records using the taxpayer’s name, address, and identifying number(s) shown on this form.”
Important Note – The instructions do not require a perfect match of all information.
In the event there is a question regarding what the levy attaches, the bank should contact the revenue officer or IRS employee whose name appears on the levy.
A bank levy attaches to the property of the taxpayer named on the levy. Even though the TIN on the bank account does not match the TIN on the levy.
The Taxpayer ID Number is not the sole indicator of the taxpayer’s property or right to property in a bank account.
Multiple factors may be considered to validate ownership,:
1. including similar names,
2. addresses, entity types and other identifying characteristics.
In some cases, it may be reasonable for the depository to identify an account based on a single matching identifier. In other cases, it may be appropriate for the depository to corroborate one matching identifier by matching one or more additional identifiers.
It would be reasonable for the depositary to call the contact number on the levy for guidance.
Tax Levy on Back Account – How to get your Money Back 1-866-700-1040.
Get Relief of your Tax Levy today!
