TAX LEVY IRS  – Stop the IRS Tax Levy with Former IRS Agents             1-866-700-1040

 
If you have received a Tax Levy from the Internal Revenue Service call us today and get your tax levy removed or released. We know the exact process that can get immediate releases.
We are former IRS agents, managers, and instructors with over 60 years of direct working knowledge and experience of the Internal Revenue Service
We worked on the local, district, and regional offices of the IRS.
We also taught Tax Law.
As a result of our years of experience we are both fast and affordable in the processing and stopping of a IRS tax Levy.
IRS will require a current financial statement along with complete documentation and with that in hand we can begin the quick and fast process of getting your IRS Tax Levy removed and stopped.
 Tax issues that may arise as a result of an IRS tax Levy
Bank disputes with IRS tax levies
The Bank Liaison
The holding period was created to settle disputes about ownership of bank accounts before money is sent.
A bank liaison in each territory to settle these issues quickly.
Sometimes ownership is not settled before the holding period ends.
If this happens, you may ask the bank for more time.
Multiple Signature Authority for a Bank Account
You should know from the very beginning that as long as you have signature authority in a bank account whether that bank account is in your name or not the IRS has a right to levy any money out of that account. IRS has the same privilege as any signator on the 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 working example
A bank is served with a notice of levy for an unpaid tax liability due from the taxpayer in the amount of $3,000. The bank holds $3,000 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 Internal Revenue Service the entire account balance at the end of the 21 day holding period.
A very important note about IRS tax levies
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.
A non-liable third party may claim ownership of funds in a bank account when multiple people hold signature authority for that bank account. This dispute should be treated as a 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.
For bank levies if additional time is needed beyond the 21 day hold period to determine ownership, there should be a request that the bank holds the funds.
Amount that Must be Surrendered  as a result of a tax levy by 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.
However, it must send no more than the amount shown on the notice of levy.
By law, banks cannot immediately honor the IRS levy.
Another important note
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 levy must be served to reach this money.
Also, the 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 for processing the levy.
  What if the Employer Threatens to Fire Taxpayer Because of a  Tax Levy from the IRS
Sometimes an employer threatens to fire an employee to avoid handling a levy.
This might be a violation of 15 USC 1674.
If the employer fires the taxpayer because of this, the employer might be fined not more than $1000 or imprisoned for not more than one year, or both.
These cases should be referred by the taxpayer to the Wage and Hour Division of the Department of Labor (DOL). DOL, not IRS, must decide if the employer violated the law.
668-Wage levies have a continuous effect -Continuous Effect of Levy on Salary and Wages
Unlike  bank or other  tax 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.
 Royalty tax levies
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.
A retirement income tax levy
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.
Exempt Amount  from tax levies by the IRS
Part of the individual taxpayer’s wages, salary, (including fees, bonuses, commissions and similar items) and other income, as well as retirement and benefit income, is exempt from levy.
The weekly exempt amount is:
The total of the taxpayer’s standard deduction and the amount deductible for exemptions on an income tax return for the year the levy is served.
Then, this total is divided by 52.
Income that is not paid weekly is prorated, so the same amount is exempt.
In addition, the amount the taxpayer needs to pay court ordered child support is exempt.
Note:
The support order can originate from a court or administrative process under the laws and procedures of a state, territory or possession.
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TAX LEVY IRS – Stop the IRS Tax Levy – Former IRS Agents, Quick and Affordable