How many times can the IRS take money out of my bank account?

Share on Facebook0Share on LinkedIn0Pin on Pinterest0Tweet about this on TwitterShare on Google+0

An IRS bank levy is typically issued for a one time pull from your bank account, but the bank holds those funds for 21 days before forwarding them to the IRS. The reason for the 21 days is simple. The IRS hopes that you will call and make arrangements to pay in full, set up an installment agreement, or dispute the balance due as an error.

The bank freezes the funds in your bank account based on the day and time the levy is received.

Any monies deposited after that time are yours to keep; but, this does not mean if the levied funds does not pay your debt in full that the IRS will not issue a new levy and try again. They may even take it a step further and put a levy on your wages or set into motion the process to seize your home, cars, and personal property.

The IRS takes collection activity seriously. The longer you ignore your tax obligations, the more pressure they will apply. That is where I can help. I can put my experience to work for you and make sure you never end up in a levy situation. I may even be able to help you negotiate a settlement with the IRS to pay less than the full amount of your debt.

I may be able to get the IRS to abate some or all of those dreaded penalties that may add up to more than your original tax debt. If a bank levy has caused a financial hardship, I will work to get that money back from the IRS.

Do yourself a favor. Contact me today to schedule an appointment. Together, we will review your tax situation and create an action plan to protect your bank account and help you start all over tax debt and worry free.

Share on Facebook0Share on LinkedIn0Pin on Pinterest0Tweet about this on TwitterShare on Google+0