Taxpayer Solutions, Inc, Tax Return Preparation, Oak Brook, IL

Bank Levy

Has the IRS filed a levy with your bank, leaving you unable to pay your bills, your rent or mortgage, your car payment or to feed your family? CONTACT US now, we only have 21 days to stop the levy with a Bank Levy Release. We can stop bank levies.

As we said earlier, if you ignore IRS notices, phone calls and letters, the IRS will start what they call Enforced Collection. Again, it is a way for them to get your attention and collect the delinquent taxes. Locating the bank or other financial institution can be difficult for the IRS. However, if you had interest or dividend income in the last few years, the IRS knows where to start. Just like your W-2, these 1099 forms show the name and address of the financial institution that may have your money or property (stocks, bonds, etc.).

Seizure of your bank account or your assets is the ultimate action in their collection efforts. The IRS sends a Notice of Levy to the financial institution informing them that you owe taxes. The IRS requires them to freeze all the money in your account(s) as of that day. This includes all accounts with your social security number. You are then unable to use any of those funds to pay your bills. This freeze may cause your checks to bounce. The bank must hold these funds for 21 days. At the end of that period, the bank must remit the funds to the IRS.

This 21 day period allows us time to negotiate with and encourage the IRS to release the funds from levy. See Bank Levy Release for more details. After the 21 day period, the bank sends the money to the IRS and it's gone! There is nothing we can do at that point unless you overpaid the taxes.

Although many times the bank levy is wrong, it is up to you to correct the problem. As bad as the bank levy is, the wage levy is much worse.

CONTACT US NOW! We can stop bank levies.

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