IRS Bank Levies
If you or your business is facing a bank levy, you may be wondering about your options. 20/20 Tax Resolution can help you by negotiating a release of the levy on your account and negotiating on your behalf to set up a resolution that work for you.
First, it's important that you educate yourself on bank levies - how they work, why they're used, and what you can do when faced with one. A bank levy is when your bank account is frozen and some or all of the funds within are seized. There are many reasons a bank levy can happen, but the two most common are unpaid debt and unpaid taxes.
The IRS will not typically use a bank levy immediately. However, if they don't receive payment from you, a bank levy is a common tool used to force debtors to pay unpaid debts. They will freeze your bank accounts (checking, saving, etc.) and seize funds up to the amount you owe. At 20/20 Tax Resolution, we speak with many individuals and business owners facing bank levies, including many who have suffered multiple bank levies.
The IRS isn't limited to one levy - they can request as many bank levies as is necessary until the debt is paid off. Some banks will also charge their customers a penalty if a bank levy is put on their account. When a bank levy is put on your account, you will not be able to withdraw money, and any checks written before the event that have not been cashed will bounce, resulting in more fees and penalties. Deposits, on the other hand, are possible even with a bank levy on your account. This means that any new funds deposited to your account can be seized with subsequent levies.
20/20 Tax Resolution has been working with the IRS to release bank levies for over 12 years. We understand that many individuals and business owners will feel lost and alone when faced with a bank levy, and the IRS isn't always the best at helping to educate their debtors on their rights and options.
That's where 20/20 Tax Resolution comes in. When you receive a bank levy on your account, it's vital that you act immediately. Contact 20/20 Tax Resolution right away to find out what your options are. We'll fight for you or your business, working with the IRS to get your bank levy released.
