subject: IRS Levy – Bank Account [print this page] A charge has been brought to your bank account, and you've just known about her. This would be a devastating thing. You probably have realized the trouble to bring this to you and your family's life. "What should I do now?" You ask.
Levies are a way for taxpayers not be punished for the payment of taxes. The bank will be served accompanied by a Notice of Levy on your account. All of your funds can be taken by the IRS. Your bank does not release the funds to the IRS for twenty-one days. The submission deadline is the beginning of the twenty-one days. You have to go fast. You have to deal with the IRS on your taxes before the competentGrace period is up. You will not be able to use the money to your account, though, until the IRS stops the charge.
Publication of a Bank Account Levy
The release of a levy is not an easy task, especially when it comes to bank accounts. One of the following must be performed:
Your taxes should be paid in full, or you subscribe to negotiate arrangements for an offer in lieu or bankruptcy
Elapsed time for the collections. Count of 10 years from the date of valuation.
Evidence that the release allows release of collection of taxes.
An installment payment arrangement agreed with the IRS.
Lack of funding will cause extreme financial hardship for you.
The amount you have paid less than the funds in your bank account.
