Bank Levy Release
Has the IRS levied your bank account?
If so, we may be able to get the bank levy released. Our Firm has been negotiating bank levy releases for years. To find how we can help you, call 1-800-880-0TAX.
What is an IRS bank levy?
If the IRS has satisfied it’s procedural requirements for taking collection action against a taxpayer, one of the most commonly used collection tools is a bank levy. To initiate the bank levy, the IRS sends a letter to taxpayer’s bank with a levy notice which instructs the bank to freeze the taxpayer’s account. The levy notice will state the amount that the Taxpayer owes the IRS for each tax period that remains unsatisfied.
Is the IRS required to notify me prior to issue a bank levy?
Contrary to popular belief, the IRS does not have to warn a taxpayer prior to taking levy action on a bank account. Taxpayer’s generally discover a bank levy because checks written on the account are returned or the bank notifies the taxpayer by sending a letter with a copy of the IRS levy notice attached.
Why is important to respond quickly to a bank levy?
Upon receipt of the levy notice, the bank will freeze any account tied to a taxpayer’s name or social security number for a period of 21 days. Once 21 days have passed, the bank will send your money to the IRS. We believe that taxpayer has a better chance of negotiating the release of all or a portion of their funds before the bank sends it to the IRS. Time is of the essence.
Can the IRS levy other types of institutions?
Yes. The IRS can issue a levy notice to almost any institution that is holding a taxpayer’s funds.
Why should you retain our Firm?
It is generally possible to avoid a levy by being proactive and negotiating a collection alternative with the IRS. If the levy has already occurred, it may be possible to negotiate a full or partial release of the levy before the IRS receives your money.
The Law Office of Teig Lawrence assists clients with a wide range of tax issues in the State of Florida including in Miami, Fort Lauderdale, Jupiter, Broward County and Palm Beach County and Internationally. Our office also assists clients with matters related to Swiss Bank Accounts, UBS, LGT, Wegelin, HSBC, Credit Suisse, Julius Baer, Bank Leumi, Deutsche Bank,
Basler Kantonalbank, Neue Zuercher Bank, Zürcher Kantonalbank, Korean / U.S. Enforcement Initiative, IRS & DOJ Announcements, 2012 Swiss Bank Settlement, Canadian Tax Relief, FATCA and John Doe Summons.