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When the IRS serves a levy on your account, it's catastrophic. It'll greatly alter you and your family's life. What should you do?
These are a few reasons why the IRS would put a levy on your account:
You have unpaid taxes
Unfiled tax returns
Unserved IRS notices because of change of address |
Installment agreement with IRS was defaulted
The IRS uses levies as a way to punish you, the taxpayer, for not settling your taxes. A Notice of Levy is served to your bank and is attached to your account. The IRS can take all your funds. Your bank, though, doesn't have to release the money to the IRS for twenty-one days. The twenty-one days commences with the date on the levy. You have to move fast. Arrangements need to be made with the IRS before the end of the waiting period. You can't use the money in your account, though, until the IRS releases the levy.
Bank Account Levy Release
Any of these can release a bank account levy:
Offer to compromise, declare bankruptcy, or pay the taxes in full
Prove that the statute of limitations for collections have expired if 10 years have lapsed from the assessment date.
Prove to the IRS that the taxes can be collected if the levy is released.
Negotiate an Installment Agreement
Prove that the levy will bring financial hardship.
The funds are more than what you need to pay to the IRS.
Contact the IRS officer responsible for the levy or his manager if one of these apply to you. You can appeal the IRS decision or just give information and pay your taxes.
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