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Bank Levy

The IRS has issued a levy against your personal and business bank account.
Challenge:

  • Bank levy freezes all the funds for 21 days from the date the levy is served.
  • Bank will only release the frozen funds once the bank receives the release of the levy from the IRS.
  • If the levy is attached to the personal account, the taxpayer is unable to pay their necessary bills, fall behind on rent/mortgage and face financial hardship.
  • If the levy is attached to a business account, the business is unable to meets its current payroll, pay business bills and may lead to losing venders or business.
  • Bank levy is not a onetime levy. If the taxpayer has not resolved the unpaid balance, the IRS will continue to issue levies including wage levies, social security levies and assign Revenue Officer (collection officer) to your account.
  • Bank levy can result in overdraft balance and additional fees to your account.

Solution/Strategy

  • Our tax team will make an immediate contact to the IRS for complete account summary.
  • We will get you in compliance with the all the missing tax returns and prepare financials within the allowed time frame.
  • We will present the hardship you currently face including unpaid bills, payroll and fight for a release on your bank account.
  • We will secure future collection holds and prevent any/all future levies on account until you have a resolution with the IRS.

Recommendations:
It is very important you call us as soon as you find out there is levy on your bank account. The 21 days start ticking form the date the levy is served. You are allowed to access your accounts anytime during the 21 days except for the date the levy was served. It is very important to find out when the levy was issued and the date the bank will remit funds to the IRS.
If your levy is a state levy, please call immediately. All states have different rules to issue the release of levies. Our tax team will work with the state to reach a resolution. It is important that you have our team on your side to get this resolved for you.

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