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IRS Bank Levies
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If you have unpaid taxes your assets, paycheck and even bank accounts are at risk to be seized and liquidated by the IRS!

IRS Bank Levy

An IRS bank levy is a garnishment of your bank account funds. It is similar to a wage garnishment, where the IRS takes a portion of the funds from your paycheck in order to pay a tax debt. In a bank levy, the funds in your bank account are seized in order to satisfy unpaid taxes, interest on unpaid taxes and penalty fees.

This is usually a last resort effort to collect on unpaid taxes and can result in serious financial problems. The IRS will freeze your bank account and be able to take enough money from your accounts to satisfy the tax debt. Many people assume the IRS will only go after domestic accounts located in the United States; however, the IRS has been known to seize foreign accounts to collect on unpaid taxes.

Insufficient Funds

If your accounts have been levied, and you do not have enough money to cover your debts, the IRS may seize other accounts. The IRS can order a bank levy on many types of account such as savings or retirement accounts, in order to collect on the debt. The IRS may also place a wage garnishment order on your paycheck until the debt is paid off.

The IRS will continue a bank account levy until taxes have been paid in full, another settlement has been made, taxpayer has been put under hardship, or the statute of limitations has expired on the tax debt owed.

How Can I Protect My Money?

The IRS doesn’t order a bank levy unless the taxpayer has been delinquent for a certain period of time. In fact, the IRS must follow a process and be able to prove they followed procedure before they can implement a bank levy.  They have to send you a Notice and Demand for Payment, show that you refused or neglected to pay your taxes and send a Final Notice of Intent to Levy and Notice of Your Right to A Hearing 30 days prior to the levy.

Fortunately, the IRS uses a bank levy as a last resort effort for collecting on unpaid taxes, which means you still have time to do something about it.  Depending on how long your taxes have gone unpaid, you may have time to take action to stop the bank levy and protect your money.  Contact us today to find out how we can help you keep your money and get relief from your tax debts! Why fight the IRS alone, we are fight for you!