What is an IRS bank levy?A levy is an extreme measure taken by the IRS to satisfy the amount of taxes you owe them. They can put a levy on your bank account, or any personal property you own or have interest in. If you have received a notice from the IRS, try and rectify the situation now, before it gets out of hand.
CALL (347) 535-4017 IF YOU OWE $10,000 OR MORE!
Ways to release an IRS bank levy:There are several instances where the IRS will consider releasing a levy against a taxpayer like you. A few of them are listed below:
- You pay the amount owed in full – This is the easiest option if you can afford it. Paying the IRS back may be the quickest way to get a levy released.
- The levy is creating a financial hardship – If the IRS determines that levy is causing a financial hardship, they may release the levy against you. Although, this does not mean that you are relieved from paying the debt you owe.
- You can prove that releasing the levy will help you pay your debt – This basically means that if you can prove that you will and can pay back the IRS, once the levy is released, they may agree to release it. This can be tricky, though.
- You have or enter into an installment agreement – Once the IRS sends a notice of intent, you still have a small amount of time, before the levy actually goes into effect. In this window of time, you may be able to reach an installment agreement with the IRS, to make monthly payments. Learn more about IRS Installment Agreements.
- The statute of limitations for collecting has run out – The IRS only has a certain window of time to collect a tax debt. If the IRS places a levy against you, but the statute of limitations has already run out, the IRS will have no choice but to release the levy. This will take years, though, so it is not recommended.
YOUR OPTIONS FOR YOUR IRS BANK LEVY.
Take Action On Your IRS Bank LevyOverall, a bank levy is a stressful situation. If you do not take action right after you receive the final notice of intent, the IRS will move forward with levy. It is much easier to stop a levy before it is placed against you, than it is to get it released once it is already in place. Contact New York Tax Attorney Service at (347) 535-4017 if you have received any notices from the IRS. New York Tax Attorney Service will link you with a qualified tax consultant today.
CALL (347) 535-4017!