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An IRS bank levy allows the IRS to take all the money out of your bank account and credit it toward your delinquent taxes until your tax bill has been paid in full.
When an IRS bank levy is issued, it is issued one time (it is not ongoing) and it affects the available funds in your bank account at the time of the levy. Keep in the mind that the IRS can and will issue multiple levies. They will keep attacking your accounts until you resolve your delinquent tax bill.
The IRS uses a bank levy as means of collection for individuals who ignore the IRS request to resolve a delinquent tax debt. If you stay in contact with the IRS and work towards resolving your back taxes, then you can keep them from wanting to issue an IRS bank levy.
We can show you ways to keep the IRS from wanting to issue an IRS bank levy until you are able to resolve your back taxes. If you qualify, we can even show you how to do this without sending them a dime of your money.
If the IRS has already taken the money from your account, you can attempt to have the IRS release this money back to you, but this is a lot harder than preventing an IRS bank levy in the first place. The IRS has been known to release money when it creates a financial hardship for the taxpayer. If you need that money to pay your basic living expenses and you are unable to pay those bills without the money they IRS has seized, then you might be successful in getting the money back.
The success rate is low for having the IRS return money and that is why we want to assist our clients in preventing an IRS bank levy in the first place.
There are 3 main ways to prevent an IRS bank levy:
The IRS is allowed to collect only what you can legally afford to pay. There are laws that protect you from the IRS taking all your money - no matter how much you owe them. The IRS by law has to allow you to pay for your living expenses such as food, rent, mortgage, utilities, cars, gas, etc. Only after you are able to pay these bills can the IRS legally collect from you. If at the end of the month you have used all your money just on living expenses, then the IRS cannot use an IRS bank levy to collect from you, nor are they allowed to collect from you in any other means. We show you how to use this law in your favor to prevent an IRS bank levy. We then help you complete the paperwork to send to the IRS so that they know they cannot issue an IRS bank levy or attempt any other collection practices.Read more
In most cases, unless you have abused IRS requests in the past, you can inform the IRS that you will be starting the process of tax resolution and they will give you time to prepare your paperwork and to submit an offer for resolution. If done right, this should be a 5 to 10 minute conversation with the IRS that will give you peace of mind to know that the IRS won’t come after your bank accont for weeks or months. There are some things you need to know first before you talk with the IRS, and, within 20 minutes of having access to our system, you will be armed with this information. This information will make you feel confident to reach out to the IRS. Many taxpayers are scared to make contact with the IRS, but, if done right, it will bring you piece of mind.
It doesn’t matter which program you use. As long as you are in a resolution program and living up to your end of the deal, the IRS can’t touch your money. This also includes the Currently Not Collectable program where you do not have to make a payment. We will walk you through the steps of entering a resolution agreement with the IRS that will work best for your situation and will help you settle your back taxes for the least amount.
Getting Started
If you have not received an IRS intent to levy letter as of yet, it is the perfect time to start your tax resolution process. Starting before you receive an IRS intent to levy means that you can complete the process on your timeline - not theirs. If you have already received an IRS intent to levy letter, you will want to start today to protect your paycheck, bank account and other assets.
We encourage to start with our FREE Pre-Qualifier so that you can make sure you are a good candidate for our tax resolution program, the Resolution Assistant. It’s FREE and we don’t ask for your credit card, date of birth or social security number. Don’t delay! Start today to protect your bank account and paycheck.
