What To Know About Bank Levies

Did you know that the IRS and state taxing authorities can seize your checking, savings, and other accounts without a court order to satisfy your tax debt?

A bank levy is when the IRS removes all the funds that are in your bank accounts up to the amount of the tax debt owed. The IRS can levy any account that the tax debtor has access to, including checking, savings, CDs, and money market accounts. The IRS does not need a court order before putting the levy in place and will continue to drain all future deposits from your accounts until the debt has been paid off in full or the debt expires.

Why you should act fast to stop an IRS tax levy

Once the IRS submits a levy notification to the debtor’s bank, there is very little time to act before the account is seized. Depending on the type of debt, the debtor may have anywhere from 21 days to 72 hours before their funds are confiscated and, once taken as reimbursement, it is extremely difficult to get the money back.

If you’re in danger of a bank levy, it’s important to act as quickly as possible to stop your accounts from being seized. An experienced tax lawyer can assess the tax situation, find the best resolution for the debtor that will alleviate future bank levies, and negotiate with the IRS and state taxing authorities on your behalf.

Fast tax debt relief from the tax professionals at Key Tax Group

The tax professionals at Key Tax Group specialize in tax law and are an accredited firm with an “A” rating from the Better Business Bureau. We’re not one of those debt relief companies that promise to make debt disappear with the wave of a wand; instead, we act quickly to establish an affordable resolution to protect our clients’ paychecks and life savings. Our reputation, experience, and extensive knowledge of tax law has helped us become a leader in client-centered tax debt resolution services.

Join the more than 10,000 satisfied clients who have received relief from their tax debt: contact Key Tax Group for your free initial consultation today.