What You Need To Know About IRS Levy on Bank Account and Ways to Stop It
The bank account levy happens when IRS legally seizes your property so that you may pay the tax debt. The IRS authorities must, however, follow the stipulated procedures such as sending you to notice to demand full repayment of the tax. You will get a breakdown of the tax that you owe which may include the interest and penalties and you will have a 30 day to respond. When you have been awarded the notice, you need to be aware of the following.
It becomes difficult to get back your money when the IRS has frozen the account and taken the money. It is therefore vital to make the necessary arrangement before the 30 days of notice elapses. It takes 21 days for the funds to be transferred into the IRS account and you should take the measures needed to ensure that you protect your money before the period expires. Read on then to learn more.
Once your money has been frozen, it can be difficult to convince the IRS that you need money to pay other bills. When you can prove that the levy is making you have a financial hardship, then the IRS can be convinced to uplift the tax lien. When you feel that you are undergoing a difficult financial situation you can apply for the IRS hardship status and working with the leading tax resolution company can help you to get your money.
It is vital that you do the best you can to avoid the IRS bank account levy. The great standing can only be accomplished by ensuring that you do your duty such as filing your tax returns. Agreeing with the IRS can help you to avoid any future problems especially if you cannot pay the amounts in full and the tax resolution company can assist with negotiations. See this definition at https://www.britannica.com/topic/taxation/Proportional-progressive-and-regressive-taxes.
The IRS has the powers to levy your bank account more than one time. Whenever you receive the first levy, you can deposit the money the next day or a few days after so that the funds can be unfrozen. The ability to pay during the time that you have received the levy makes them arrest to release the funds, and it will take some time before you can receive another type of levy.
When your bank account has been frozen, it is essential to get a tax resolution company to help you analyze the matter. The tax professionals from https://www.precisiontax.com/services/irs-levy/bank-levy can help you to stop or even prevent the tax levy. The company evaluates the situation, and it is through their expertise that they can contribute to unfreeze the funds and to prevent them from being taken into the IRS account.