subject: Protect Your Money From Irs Bank Account Levy [print this page] Did you forget to pay your taxes on schedule or even neglected your tax obligation to the US government? In case you have forgotten to pay taxes, now get prepared to face the IRS bank account levy. To the Americans, IRS bank account levy is a very common phenomenon. If you have missed to pay taxes- face freezing of your own bank account.
IRS bank account levy is one competent tool of the US government to claim delinquent taxes from defaulted taxpayers. IRS does not need court permission to levy bank accounts and can take over not only the bank account but also any property that belongs to the individual who missed to pay tax. However, before freezing down the account, Internal Revenue Service first send one notification to inform the person about IRS bank account levy and givesthe person a time limit of thirty days to either pay or to request hearing to the US government. That 30-day period is the only time when you can organize yourself to fight back and redeem your savings from going to the pocket of the IRS.
Steps to Stop IRS Bank Account Levy:
As a first step, get help from a veteran tax consultant who is well equipped with the process of tax payments and can help you to resolve the matter. When that is done, with the advice from the consultant you can try a few ways, which have been proved successful to stop the IRS bank account levy. Several the most competent and accredited steps are:
1.Submit your Financial Status: Write a hardship letter to the Government of US . To rationalize your financial status, give some proofs and ask the American government to forfeit your taxes to fit the standard of elementary living.
2.Bargain and Determine: to make a settlement level with the IRS is something tricky for a common person. However, a professional tax consultant can resolve your tax trouble. You can give a payment of the entire money at one go and save your account from the IRS bank account levy.
3.Set a Different Payment Program: If you can give word to make monthly installments and scheduled payment of your due, then also the IRS can think to cancel bank account levy.
The process for appealing of tax levy can be a time consuming and fruitless too. Yet if you want to save your money, you need to put effort with positive thought and seek experienced help to minimize the duration of the procedure.
by: Manny Vetti
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