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Bank Levy

BANK LEVY

Received a bank levy?
We may still be able to get it released. Call now!

A bank levy is a legal seizure of your property to satisfy a tax debt – so what should you do if you receive one? First, try to get the bank to give you a copy of the levy notice. The notice will tell you how many days you have before your money is taken out of your account. Furthermore, the notice will detail the amount that is being levied. It will also outline the specific years and the type of tax owed.

Typically, states instruct the bank to freeze your account for up to the amount on the levy notice. They are then required to forward the money within 5-15 days, depending on the state. The IRS also instructs the bank to freeze your account for up to the amount on the levy notice. However, they will normally give the bank 21 days to hold it, before it must be sent in to the IRS.

Time is not on your side, you must act fast on your bank levy notice.

Your best chance is to get the IRS or State to agree to a full, or at least partial, bank levy release. Once the bank has sent them the money, it is extremely difficult to ever get it back. Our licensed and experienced staff here at Rush Tax Resolution know how important this may be to you. We know how to expedite the entire process for you. Every case is different, however over the past couple of years, we have very often been able to obtain an IRS bank levy release for our clients within hours after they became our clients.

Once the bank levy is released, it is critical to obtain a resolution in writing.

It is very common for the IRS or State to issue an additional levy and/or wage garnishment, if the terms of the release are not met in a timely manner. For example, the release may have been conditioned on several missing returns to be filed, and by a certain deadline. If this deadline is missed, you may get levied again. The staff here at Rush Tax Resolution will guide you through the entire process. We can expedite everything because we have our own in house tax preparers that can generally E-file the last 3 tax years. The final goal, of course, is to be protected from collections and to settle your taxes for the least amount possible. That is our specialty.

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