Have Back IRS Taxes? We can help you get your Bank Levy released when you have Tax Debt

What is a Bank Levy?
A Bank Levy is the freezing of your bank account, with your financial institution forwarding all funds to the IRS because of past due tax debt. The process starts when the IRS sends a letter to your bank, notifying them that they are seizing your bank account due to back IRS taxes. 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 use the bank levy as a way of collecting back IRS taxes or tax debt. Levies are normally sent to banks, but the IRS can also seize funds from any institution, business, or individual that has funds belonging to a taxpayer. For example, the IRS can seize money in utility deposits, escrow company deposits, investment companies, and many other places, in order to get their payment for back IRS taxes or tax debt.

When is a Bank Levy Applied?
A Bank Levy often occurs because a taxpayer has procrastinated in dealing with their tax debt. Don't wait for the IRS to start aggressive collection efforts for your back IRS taxes. Our tax debt professionals have been successful in countless Bank Levy situations, resulting in the Bank Levy being released. If you are seeking help to get your Bank Levy lifted, contact us today.

How Long Does a Bank Levy Last?
A Bank Levy remains in place until all of your Back IRS Taxes have been covered, including any applicable penalties and interest. As you can imagine, an IRS bank levy can make it difficult for you to live a normal life. It can even destroy your financial situation.