Facing an IRS Bank Levy? We Can Help Protect Your Funds.
IRS Bank Levies: Protect Your Accounts from Seizure
An IRS bank levy is one of the most serious collection actions the IRS can take against you. If you have unpaid taxes, the IRS has the authority to seize the funds in your bank accounts to satisfy your tax debt. At Cheshier Tax Resolution, we specialize in helping individuals and businesses stop or prevent IRS bank levies, protect their assets, and resolve their tax issues before they spiral out of control.
What is an IRS Bank Levy?
A bank levy is a legal seizure of funds from your bank account by the IRS. Once the IRS issues a levy, it can freeze and seize money from your accounts to cover unpaid tax debt. This is a last-resort collection action, usually taken after the IRS has tried other methods like sending notices and offering payment arrangements.
When the IRS issues a bank levy:
Your bank account is frozen for 21 days.
During this time, you can work to resolve your tax debt or dispute the levy.
If no action is taken within the 21-day period, the bank will release the funds to the IRS, leaving you with little or no access to your account.
A bank levy can cause significant financial distress, but the good news is that it can be stopped or reversed with quick, effective action.
How Do IRS Bank Levies Work?
IRS Notices: Before levying your bank account, the IRS will send multiple notices, starting with a demand for payment and ending with a Final Notice of Intent to Levy. Once you receive this final notice, you have 30 days to take action.
21-Day Holding Period: After the levy is issued, your bank freezes your account for 21 days, during which time the IRS waits to collect the funds. This holding period is your window of opportunity to take action and resolve the issue before the funds are seized.
Funds Seizure: If no resolution is reached during the 21-day window, the bank will transfer the funds in your account to the IRS to cover your tax debt.
How to Stop or Prevent an IRS Bank Levy
Stopping an IRS bank levy requires swift and knowledgeable action. Here are some options that may be available to you:
Appeal the Levy: You have the right to request a Collection Due Process (CDP) hearing to dispute the levy or negotiate alternative solutions.
Set Up an Installment Agreement: If you can’t pay your tax debt in full, entering into a payment plan (Installment Agreement) with the IRS can stop the levy.
Apply for an Offer in Compromise: This allows you to settle your tax debt for less than the full amount owed, which may also stop the levy.
File for Innocent Spouse Relief: If you’re being unfairly held responsible for your spouse’s tax debt, you may qualify for Innocent Spouse Relief, which can stop the levy.
Show Financial Hardship: If the levy would cause undue financial hardship, we can request the IRS release the levy and explore other repayment options.
How Cheshier Tax Resolution Can Help.
If you’re facing an IRS bank levy, time is of the essence. At Cheshier Tax Resolution, we take immediate action to stop levies and protect your assets. Here’s how we can help:
Long-Term Tax Relief: Beyond stopping the immediate threat of a bank levy, we’ll help you establish a long-term tax resolution strategy to ensure your financial stability moving forward.
Immediate Consultation: We offer a free, no-obligation consultation to assess your situation and determine the best course of action.
Negotiating with the IRS: We will communicate directly with the IRS to stop the levy and negotiate an alternative solution that works for you.
Protecting Your Financial Security: Our experienced team works quickly to prevent the seizure of your assets and resolve your tax debt in the most efficient way possible.
Don’t Let the IRS Seize Your Bank Account
If you’ve received notice of an IRS bank levy or are concerned about a potential levy, contact Cheshier Tax Resolution today. Our team of experts will act fast to stop the levy, protect your assets, and help you find a permanent solution to your tax debt.
Call us at 469-647-9950 or fill out our online form to schedule a free consultation today.