Many taxpayers find their finances caught in the snares of an IRS bank levy at an inopportune time. Rent, mortgage, automobile, and utilities payments are in jeopardy of being returned with insufficient funds notices. How will you pay for food, gas, or other essentials? How will you provide for your family? The embarrassment, shame, and humiliation can be overwhelming. Regardless of the reasons (economic hardships, ignorance, or procrastination), you must act swiftly to resolve your IRS debt. Therefore, obtaining competent representation is your best bet when all bets are off. If you seek immediate IRS relief, an experienced tax attorney can be a welcomed ally when attempting to navigate the channels of government bureaucracy. If you are dealing with the aftermath of a recent IRS bank levy, keep the following things in mind.
TAKING NOTICE
The IRS can be a formidable collector; however, before freezing your bank account, several collection notices (generally five) were issued in an effort to resolve your IRS debt. The final notice (CP 90: Final Notice of Intent to Levy and Notice of Your Right to a Hearing) is the one that allows the IRS to begin the process of legally seizing your property (bank accounts, wages, business assets, automobiles, and real estate). Typically, there are thirty days between the issuance of this notice and the beginning of any collection activity. Sadly, many taxpayers overlook, or even disregard, this notice and find themselves reacting to an IRS bank levy. For some, there still may be time to avoid this action, but for many, the levy has already gone into effect. Promptly review any notice that you receive with your tax attorney.
FEELING THE FREEZE
An IRS bank levy is not a continuous action, but rather a single occurrence that can happen on more than one occasion. For example, suppose you have $500 in your account on the day that your bank processes the levy. These funds are subject to that levy and you will no longer have access to them. In essence they will be “frozen.” If you were to make a deposit of $1000 the following day, you will have access to these funds. Although this sounds encouraging, you mustn’t ignore the fact that your taxpayer account is actively in a collection status. You could be at risk for a wage garnishment that is a continuous action or an additional bank levy (although it is unlikely for another bank levy to follow in rapid succession).
21 DAYS AND COUNTING
Once your bank has processed the levy, they are required to send these funds to the IRS within twenty-one days, unless otherwise notified by the IRS. This is when a skilled tax attorney can be most valuable. You may able to negotiate a tax settlement that allows for the release of the levy and the restoration of your funds. This will be dependent on a number of factors including, but not limited to, your ability or inability to repay the IRS debt, and your need (extreme financial hardship) to recover the funds. A qualified tax attorney can assist in resolving your IRS debt, and reaching a practical tax settlement. Use this time wisely, as a delay could be quite costly.
The repercussions of an IRS bank levy can be emotionally traumatic and financially devastating. To further compound the situation, dealing with the IRS can be a frustrating, intimidating, and time-consuming experience for many. Don’t go it alone when seeking IRS relief, or when attempting to negotiate a tax settlement. Hire a professional tax attorney today.
More to Know Just check out our Tax Relief Services And Solutions : http://www.4irsdebt.com/taxReliefService.html
TAKING NOTICE
The IRS can be a formidable collector; however, before freezing your bank account, several collection notices (generally five) were issued in an effort to resolve your IRS debt. The final notice (CP 90: Final Notice of Intent to Levy and Notice of Your Right to a Hearing) is the one that allows the IRS to begin the process of legally seizing your property (bank accounts, wages, business assets, automobiles, and real estate). Typically, there are thirty days between the issuance of this notice and the beginning of any collection activity. Sadly, many taxpayers overlook, or even disregard, this notice and find themselves reacting to an IRS bank levy. For some, there still may be time to avoid this action, but for many, the levy has already gone into effect. Promptly review any notice that you receive with your tax attorney.
FEELING THE FREEZE
An IRS bank levy is not a continuous action, but rather a single occurrence that can happen on more than one occasion. For example, suppose you have $500 in your account on the day that your bank processes the levy. These funds are subject to that levy and you will no longer have access to them. In essence they will be “frozen.” If you were to make a deposit of $1000 the following day, you will have access to these funds. Although this sounds encouraging, you mustn’t ignore the fact that your taxpayer account is actively in a collection status. You could be at risk for a wage garnishment that is a continuous action or an additional bank levy (although it is unlikely for another bank levy to follow in rapid succession).
21 DAYS AND COUNTING
Once your bank has processed the levy, they are required to send these funds to the IRS within twenty-one days, unless otherwise notified by the IRS. This is when a skilled tax attorney can be most valuable. You may able to negotiate a tax settlement that allows for the release of the levy and the restoration of your funds. This will be dependent on a number of factors including, but not limited to, your ability or inability to repay the IRS debt, and your need (extreme financial hardship) to recover the funds. A qualified tax attorney can assist in resolving your IRS debt, and reaching a practical tax settlement. Use this time wisely, as a delay could be quite costly.
The repercussions of an IRS bank levy can be emotionally traumatic and financially devastating. To further compound the situation, dealing with the IRS can be a frustrating, intimidating, and time-consuming experience for many. Don’t go it alone when seeking IRS relief, or when attempting to negotiate a tax settlement. Hire a professional tax attorney today.
More to Know Just check out our Tax Relief Services And Solutions : http://www.4irsdebt.com/taxReliefService.html
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