You've been caught! So the IRS has finally caught up with you and your back taxes.
They have enforced a bank levy on your account and now you can't access your money.
Now what do you do? You have bills that need to be paid and every day living expenses that have to be met.
Read ahead and find out what to do if this happens to you: Bank Levy 101! A Bank levy form the IRS is a common occurrence.
Essentially, the IRS freezes your banking account, preventing you from access any of your money.
Your bank is required by law to comply with the levy and hold all funds that have been deposited into your banking accounts.
This means that you checking and savings accounts are affected and you will not be able to withdraw any funds.
Act Now! You have exactly 21 days to seek help for your IRS tax problems.
If you are unable to get the help that you need in this 21 day period, the bank is required to send your money and any applicable interest fees to the IRS.
They will continue to take money from you until the debt is paid.
They will also liquidate your property/assets if the debt is not paid with the bank account funds.
If not taken care of quickly, your credit will be ruined and you will no longer have any assets.
Make it Stop! So now that I've told you a little bit about what a bank levy is, how can you stop it? Well take these tips from a former IRS-Hitman; I know just how to hit them back with full force.
First, it's important to make sure that you deal with it right away.
You only have 21 days before the IRS takes all the money in your account.
Second, contact the Taxpayers Advocate in your area and prove economic hardship.
You need to fill out some paperwork, but by working with a Taxpayers Advocate, a bank levy can actually be lifted.
Put yourself to the Test: The end of your tax issue is not over just yet.
Next, you will be assigned a revenue officer (an IRS Hitman.
) He will look at your individual case and determine whether or not you are able to pay the back taxes.
The Revenue Officer will also look to see if there are other options available to you.
It is important to sit down with the professionals and figure out your best course of action; otherwise, an IRS Hitman will come and take your property right out from under you! Now you have the smoking gun...
Use it!
They have enforced a bank levy on your account and now you can't access your money.
Now what do you do? You have bills that need to be paid and every day living expenses that have to be met.
Read ahead and find out what to do if this happens to you: Bank Levy 101! A Bank levy form the IRS is a common occurrence.
Essentially, the IRS freezes your banking account, preventing you from access any of your money.
Your bank is required by law to comply with the levy and hold all funds that have been deposited into your banking accounts.
This means that you checking and savings accounts are affected and you will not be able to withdraw any funds.
Act Now! You have exactly 21 days to seek help for your IRS tax problems.
If you are unable to get the help that you need in this 21 day period, the bank is required to send your money and any applicable interest fees to the IRS.
They will continue to take money from you until the debt is paid.
They will also liquidate your property/assets if the debt is not paid with the bank account funds.
If not taken care of quickly, your credit will be ruined and you will no longer have any assets.
Make it Stop! So now that I've told you a little bit about what a bank levy is, how can you stop it? Well take these tips from a former IRS-Hitman; I know just how to hit them back with full force.
First, it's important to make sure that you deal with it right away.
You only have 21 days before the IRS takes all the money in your account.
Second, contact the Taxpayers Advocate in your area and prove economic hardship.
You need to fill out some paperwork, but by working with a Taxpayers Advocate, a bank levy can actually be lifted.
Put yourself to the Test: The end of your tax issue is not over just yet.
Next, you will be assigned a revenue officer (an IRS Hitman.
) He will look at your individual case and determine whether or not you are able to pay the back taxes.
The Revenue Officer will also look to see if there are other options available to you.
It is important to sit down with the professionals and figure out your best course of action; otherwise, an IRS Hitman will come and take your property right out from under you! Now you have the smoking gun...
Use it!