| A bank levy is a nasty tool the Internal Revenue | | | | hardships might be upcoming medical expenses, utility |
| Service has at their disposal to use against taxpayers | | | | shutoff notice, foreclosure, repossession, business |
| they believe owe them money. | | | | payroll, or eviction. If the Internal revenue Service does |
| The IRS issues a notice of it to the person's bank. This | | | | agree to a release because of one of these hardships, |
| notice requires the bank to freeze the party's assets | | | | they generally allow only the release of enough funds |
| for twenty-one days. During these twenty-one days, | | | | to cover the expense. |
| the taxpayer or their representative can negotiate with | | | | You can also get it released through an Offer in |
| the IRS for release of the levy. If no compromise is | | | | Compromise. However, such a release can only take |
| reached, after twenty-one days the money in the | | | | place after the Internal Revenue Service has |
| accounts remits to the IRS. | | | | determined that the Offer in Compromise meets all |
| Any money deposited after the levy remits is the | | | | procedural requirements. You can never be certain |
| property of the account holder. If the IRS wants this | | | | how long this will take, if it happens at all. |
| additional money, they have to file another levy in order | | | | The truth of the matter is that the IRS strongly |
| to get it. | | | | believes in the philosophy of "a bird in hand" and that to |
| The Internal Revenue Service can file an income levy | | | | get a levy released you are going to have to do a lot |
| as well. It will not be released until all the funds are paid | | | | of work and, most likely, hire a professional to help you. |
| either in full, through an Offer in Compromise, an | | | | If you find your income or your bank accounts under |
| installment plan, or if the taxpayer is declared Currently | | | | an IRS Levy, you will want to contact a tax attorney |
| Not Collectible. | | | | or tax resolution specialist immediately. Tax resolution |
| Because a bank levy is generally a one-time event, | | | | teams are usually made up of former Internal |
| IRS will not release it unless payment in full is satisfied | | | | Revenue Service Agents, CPAs, and tax attorneys. In |
| or the taxpayer can prove "extreme financial hardship". | | | | this situation it is going to take the work of these |
| You have extreme financial hardship if the funds in the | | | | professionals if you have any hope of releasing the |
| bank are necessary to the taxpayer for their health | | | | Internal Revenue Service's Tax Levy against you. |
| and welfare, or generation of income. Some of these | | | | |