Dealing with tax issues isn’t easy. You need to consider multiple things depending on the type of issue you are facing. There could be issues pertaining to back tax filing, bank levy release, wage garnishment, bank levies, etc. IRS is a body that keeps a keen eye on the discrepancies in tax or its related issues and has the authority to take legal action against individuals who are having debts.
Before taking any serious action, the Internal Revenue Services sends multiple notices and, upon no action, takes more severe measures. If you fail to pay off your back taxes on time, the IRS can legally seize your assets. It could even levy your bank account. In case the IRS does levy your bank account, how do you get a bank levy release? If you are stuck in such an unfortunate situation, you can get useful information by reading this tax relief blog.
What is a bank levy release?
In case you fail to pay taxes on time, the IRS has the legal right to seize your financial assets and even levy your bank accounts too. This happens if you don’t respond to the IRS notice within 30 days of issuing the notice. Thus, it becomes crucial to take appropriate steps to get a bank levy release.
Get proper guidance from expert tax resolution services. Let the experts represent you and put an end to your IRS problems!
Getting a bank levy release is not easy. Also, it is a time-consuming procedure. However, with the right tax expert company on your side, you can get it easily and quickly. Speak to a tax expert about an IRS Bank Levy. The earlier you sort it out, the better it is for your financial health.
Are there any steps to avoid a bank levy?
If you have received a notice for a bank levy, it implies that you have already received multiple IRS notices requesting you to pay your back taxes. If you wish to get rid of the bank levy, you can’t delay things any further and need to act fast!
Ways to avoid a bank levy
Here are a few ways through which you can avoid a bank levy:
Pay your debts off or have a payment agreement
In case you can manage to pay off your dues in full, it is best to do so without waiting much longer. If you don't have sufficient funds, you could make a payment arrangement with the IRS to pay off the dues in installments. This arrangement could be convincing for the IRS not to levy your account and grant you some more time to pay off your back taxes.
Settling off the debts for lesser amounts
This is another way to not let the situation worsen where you have to get a bank levy release. It would be a wiser choice to let a tax professional handle this part for you, Instead of doing the negotiations yourself, let a tax attorney who’s having experience help you out.
This can involve an arrangement where you agree to pay off at least 80-85% of the dues to the IRS. At times, if the arguments are presented in the right and convincing manner, the IRS can settle debts with lesser amounts too.
What happens if you do get a bank levy?
In case you were not able to settle your debts with the IRS, it can levy your bank accounts and seize your assets. In such scenarios, you should make quick efforts to get a bank levy release. The best idea would be to discuss your situation with the tax resolution services and let experts in the field take it from there.
In case your bank accounts have been levied, the IRS continues to withdraw from your accounts till your dues are cleared completely. If you need to get a bank levy release, you will have to take care of the obligation. If not that, you need to either agree for a payment arrangement or settle off the debts.
In rare cases, it might also happen that you did not receive any notice from the IRS in advance. In such cases, you can put up your claims accordingly and request the law to lift up the bank levy. There are some individuals who even file for bankruptcy to come out of bank levies.
However, this method is not the best-suited choice for every individual. Getting help from an expert tax resolution company can make it easy for you.
Why seek help from tax experts?
You might be wondering why you should involve tax professionals when you can claim for a bank levy release yourself. Your concern is quite genuine here. However, you need to understand that the issues with the IRS are serious ones and can have severe repercussions. Also, keep in mind, there aren't many tries that you get to resolve the debt issues.
Moreover, the tax laws change over the years, and you might not be aware of the updated clause to get yourself out of a bank levy. On the other hand, a tax attorney is a specialist and has complete knowledge of such IRS issues. Thus, relying on their suggestions is a much better idea.
The tax resolution services have professionals who have years of experience in handling the IRS bank levies of different cases. Thus, they are much more knowledgeable about the possible responses from the IRS. Hence, guiding you becomes easier for them.
The first thing to realize here is that messing with the IRS or ignoring its notices can have bad consequences. Therefore, take action as soon as possible if you are facing some debt issues. However, in case you end up with a bank levy, take quick measures to get a bank levy release. There are certain arrangements available that you can opt for to minimize the financial losses. Thus, look for the right tax solutions services and allow the expert tax professionals to handle it for you. With their assistance, the chances of you getting a bank levy release are much higher.
Frequently Asked Questions About Bank Levy Release
A bank levy can last as long as your creditors collect the money you owe them. To access funds in your account, reach out to and enter a payment agreement with the IRS at the earliest.
Call the IRS immediately to request a levy release. The IRS may release a levy if it determines that the levy may cause economic hardship.
➢ Veteran’s benefits
➢ Social security and supplemental security income
➢ FEMA aid
➢ Student loan disbursements
➢ Federal service
➢ Civil service
➢ Railroad retirement benefits
To avoid a bank levy, pay off your debt. If you do not have sufficient funds to pay your debt, enter into a payment agreement.
Your bank will not notify you before initiating a bank levy. Your creditors will not inform you either. If your bank account gets frozen, a levy may be in progress.