A bank levy is technically a legal action that creditors can take. In this case, the creditors coming after you are taxing authorities for the state you live in. When taxing authorities place a bank levy on you, your bank must send money to the money to satisfy your debt. Additionally, the taxing authority must also provide proof that they have the right to take your funds from you. In a bank levy, your account will be frozen. Additionally, any funds you have in the account will be used to satisfy your tax debt.
Can my state issue a bank levy?
If you thought the IRS was bad, try dealing with state taxing authorities. Many states are even more aggressive than the IRS in issuing bank levies. No matter where you live, all states have the power to place a bank levy on you. However, FinishLine Tax Solutions offers state bank levy release services to help. If you find out you’re being levied, call FinishLine Tax Solutions right away. If you don’t seek a state bank levy release, your tax situation will only get worse by the day. In other words, a tax problem never just goes away. Get your bank levy removed is to work with a tax relief services company that can help.
What Does a Bank Levy Do?
In essence, a bank levy gives the state control over funds in your bank account. With bank levies, the state can require your bank to prevent withdrawals from your account. If a bank levy is placed on your account, you cannot withdraw funds for 21 days. Think about how this can affect your daily life. In other words, how will you withdraw money to go to the grocery store? How will you pay bills? How will you be able to put gas in your car? In other words, a state bank levy can seriously disrupt your life. With a bank levy, your bank is required to forward all of your money to the taxing authority.
How Can I Apply for a State Bank Levy Release?
When you’re dealing with a state bank levy, the first thing you want is your money back. However, getting your money back is only step one. Next, you must get your state taxes in order to avoid future state bank levies. In other words, work with your tax resolution services company to find a permanent solution to your tax problem. Getting a bank levy released is only going to help you out in the meantime. You don’t want to end up with trying to get another bank levy removed down the line. In other words, the sooner you get your taxes fixed, the more likely you are to avoid future bank levies.
How does a State Bank Levy Release Work?
When you work with a tax resolution services company on a state bank levy release, a few things will happen.
- First, we will make sure the amount the state taxing authority says you owe is correct. Believe it or not, sometimes taxing authorities make mistakes. This is especially true if the state filed your tax returns for you.
- Next, we will also verify any penalty or interest calculations the state made. In other words, your tax bill will appear to be a lot larger because of penalties and interest.
- Lastly, we will work directly with the taxing authority on a tax resolution services plan. We have experiencing negotiating a variety of tax relief services options for our clients.
How Do I Resolve Tax Issues?
Sometimes, the only way to get a state bank levy release is to resolve your tax debt. One way to get a state bank levy release is to pay off your tax debt. However, we understand that not everyone has the financial means to pay off their debt at once. That’s where we can help. There are many tax relief options from which to choose. And additionally, FinishLine Tax Solutions has experience dealing with all of them. Among the tax relief programs available include:
- Declaring Currently Not Collectible status
- Negotiating an Offer in Compromise
- Applying for an Installment Agreement
There are various tax relief options available. Choosing which tax relief solution is right for you will largely depend on your individual tax situation. This is where working with a tax relief services company can be very beneficial. We can help determine which tax relief option is best.
