An IRS bank levy is when the IRS sends a letter to your bank notifying them that they are seizing a taxpayer's bank account. The bank is instructed to freeze all funds that are in the account and to forward the funds to the IRS. Banks are required to follow the instructions of the IRS and the IRS imposes serious penalties upon banks that disregard the IRS's instructions. The IRS commonly uses bank levies as a way of collecting back taxes. Levies are normally sent to banks but the IRS can also seize funds from any institution, business or individual that has funds belonging to the taxpayer. For example, the IRS can seize money in utility deposits, escrow company deposits, investment companies, and many other places.
As you can imagine, IRS bank levies can make it difficult for you to live a normal life and can even destroy your financial situation. Bank levies often happen because taxpayers procrastinate in dealing with their tax issue. Don't wait for the IRS to start aggressive collection efforts. Our tax professionals have been successful in releasing countless Bank Levies. If you are seeking IRS protection contact us today.
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