IRS Tax Levies
Contact Our Partners
DeSena Nickerson LLC.
Certified Public Accountants
Levies
A levy is defined as a legal seizure of your property to satisfy a debt. Taxing authorities can levy several types of assets including bank accounts, tax refunds, paychecks, rental income, and even retirement accounts.
Bank Levies
A bank account levy permits the government to direct the bank to deduct monies from your account in order to pay your tax debt. Your bank will receive a notice from the taxing authority advising them of the levy and stating how much money must be removed from your account. If it is the IRS that levies your bank account, you will have 20 days after the money is withdrawn to request a hearing to explain why the levy should be lifted. The money will be used to pay down your tax bill.
When a bank account levy is imposed on you, the first thing you should do is try to halt it as soon as possible. Contacting the taxing authority directly and inquiring about how to contest the levy is one efficient approach to do so. Documentary evidence, such as verifiable income or deductions that were not reported in your tax returns, or other supporting documents explaining why the amount payable on your taxes has been drastically reduced or erased, would almost certainly be required. If you are successful in disputing the bank account levy, your funds may be released and you will avoid any additional fines.
Contact Our Partners
DeSena Nickerson LLC.
Certified Public Accountants
How much do you owe the IRS?
CLICK HERE
8 Point Plan to Resolving Your IRS Tax Problem
5 Questions
To Ask Any Tax Resolution Firm
Before Paying
Them A Dime
CLICK HERE
for our special
report on 7 things
the IRS doesn’t
want you
to know
CLICK HERE
8 Point Plan to Resolving Your IRS Tax Problem
5 Questions
To Ask Any Tax Resolution Firm
Before Paying
Them A Dime
CLICK HERE
for our special
report on 7 things
the IRS doesn’t
want you
to know