Stop IRS Bank Levy!
The IRS frequently attacks by filing a levy with your bank. This attack
wipes out all of your bank accounts, even jointly owned accounts, held
in that bank. Without immediate action, you are left unable to pay your
bills, including your rent or mortgage, your electric, telephone, your
car payment and the money needed to feed your family.
Contact a Tax Lawyer NOW
Bank levies can be stopped! However, you only have 21 days to stop the
levy and get a Bank Levy Release.After the 21 days, the bank
automatically sends the money to the IRS and you are stuck!
Levies are late in the Collection Process
The IRS Collectors, known as Revenue Officers send official IRS
notices, make threatening calls, and send letters demanding payment. If
you either did not get the letters (if, for example the IRS is using an
old address) or you did not respond the IRS will start "Enforcement
Action" to take your money to collect the delinquent taxes.
The IRS knows your bank accounts from the
1099's filed every year. A
Bank levy is not difficult for the IRS. The Revenue Officer simply
prints out the forms from the computer showing the name and address of
the financial institution (Banks, Credit Unions, Stock Brokerage
Accounts) where you keep your money.
How the IRS Levies
The IRS sends
- a Notice of Levy to the bank listing the
amount of taxes you owe.
- The IRS Levy requires the Bank to freeze
all the money in your accounts on the day of the levy.
- This includes joint accounts, or any
accounts with your Social Security Number.
- The funds are frozen for 21 days and you
can not use them.
Typically, checks will "bounce" for Insufficient Funds and
you will incur substantial bank fees. The bank hold the frozen funds
for 21 days.
You Must Act!
During the 21 day period your tax attorney can negotiate with the IRS
to release the funds. Unless a Release is obtained, once the 21 day
period has expired, the bank sends the money to the IRS you will never
get it back!
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