Why Did I Receive A Bank Levy?
Why Did I Receive a Bank Levy?
Why Did I Receive a Bank Levy?
Often, when a taxpayer discovers the IRS has placed a bank levy on their accounts, they are at a loss to understand why. If you are dealing with a bank levy, it is important to understand why the action occurred. There is an IRS tax collection process that precedes the use of this measure. By understanding that process, you will have the important tools to protect your assets in the future and avoid it from happening again. Help of an experienced tax specialist is the perfect guidance.
IRS Notifications
You will not receive a bank levy until after the IRS has sent you a series of notices regarding the amount of back taxes that must be paid.
* First, you will be sent a Notice of Payment. The IRS will begin by assessing any back taxes you owe, including interest, penalties and fines. Upon completion of the assessment, you will be sent the Notice of Payment. This notice will explain the amount of back taxes owed and give you the opportunity to pay them. It is important to respond quickly when you get this notice. If you ignore it or procrastinate, your tax problems will compound. The IRS wants to hear from you and will grant you a short period of time in which to pay your tax debt in full.
* If you do not pay your back tax debt, the second step in the bank levy process will occur: The IRS will send you the Final Notice of Intent to Levy. This notice will explain your basic rights and advise you of further IRS collection action if the bill is not paid. You must take immediate action to prevent the bank levy from occurring. You have two options: (1) Pay the full back tax amount demanded by the IRS, or (2) call a qualified tax attorney who can negotiate with the IRS on your behalf.
If you do nothing, your bank account will be frozen.
Lifting or Avoiding a Bank Levy
Once the bank levy occurs, you will be required to go through a complicated and confusing process in an attempt to lift it. It is not an easy procedure and requires current knowledge of tax laws and codes. A tax specialist experienced in negotiating with the IRS is more likely to get the bank levy action reversed. If a taxpayer attempts to face the IRS alone, it could be a long time before they have access to their accounts again. Worse yet, once they do have access to their accounts, all of the money may be gone.
Even though the best way to avoid a bank levy is to pay taxes on time, it is not always that simple. Most taxpayers would pay their taxes on time if they could, but life happens and it is not always easy to do what needs to be done. An IRS Notice of Intent to Levy is rarely started against taxpayers who can afford to make their payments. Instead, it is typically taken against those who simply do not have the money. There are tax settlement options available that a tax specialist can help you with. A qualified tax attorney can halt the bank levy process and help you obtain a fair and affordable tax settlement.
Working With a Tax Professional
Attempting to negotiate on your own with the IRS to lift a bank levy can lead to increased penalties and fines, additional financial stress, and missed opportunities. You need the help that tax professionals can provide. They know your financial rights and what tax repayment options are available. You will be represented in all IRS negotiations to bring your tax problems to an end. In addition to handling your Notice of Payment or Notice of Intent to Levy, tax experts are skilled in:
* Prevention and release of wage garnishments
* Prevention and release of tax liens
* Repayment negotiations (such as debt reduction and installment agreements)
* Tax debt elimination
* Submission of unfiled tax returns
by: Jimmy Newton
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