HOW TO GET RID OF A BANK LEVY

HOW TO GET RID OF A BANK LEVY




Getting rid of IRS is like trying to get out from a room made of steel with only a tiny hole enough for you to peek and breathe. This is how difficult it is for those taxpayers who doesn’t know the way around taxes and how to deal with their tax issues. If you default on paying taxes or have been refusing to pay them or trying to ignore the notices from IRS requesting a payment for your tax dues, expect that they always have something to do to make you pay and nobody can get away. One of their many effective tactics that would oblige you to pay what you should be paying is the IRS bank levy. If you have disputes regarding a levy, IRS can be better dealt with the help of a tax attorney.




What is a Bank Levy?




A Bank Levy is when your funds from any type of bank account (credit unions, savings and loan associations, trust companies, and others described in IRC 408) is being held off for 21 days as a punishment by the IRS to taxpayers not being able to fulfill their tax obligations. You have to settle your tax issues and release the levy or reduce the amount you owed within the holding period. If you fail to do so, the whole amount or a portion of your money in the account is directly sent to the IRS without any further notice as your payment for your back taxes.




A bank Levy is just one of the IRS levies that you might be facing if you do not pay your taxes on a timely and prompt manner or if you have been continuously ignoring the notices and phone calls from the IRS. The holding period will give you time to settle your disputes and at least minimize the amount you owed to the IRS. In very rare cases, the levy is released on or before the period ends but most of the time, some people does not meet the required payment settlement on the given period of time and banks will then send the exact amount that is stated on the notice of levy.





If the money in your bank account holds a significant purpose for your loved ones or is intended for a very important plan, you will not allow the IRS to take what is meant for them or for you. If it means a lot to you then you must seek help from a tax pro to get rid of your bank levy. A tax attorney can get you out of a levy before the period ends and can secure a better settlement that you can afford.




Instant Tax Solutions have the most experienced and integrated tax attorneys and lawyers that can best handle your tax issues. If you want to know more about the right solution for a particular tax problem.