IRS Tax Lawyer's Blog | IRS Tax Attorneys

Unresolved tax debt and ignored letter of the Internal Revenue Service is the only cause why your bank account is under a bank levy. Having a bank levy on your bank account can make it harder for you and your family to live by especially if you depend on your saving for your basic needs for the reason that bank levy will frozen your account and you cannot be able to withdraw your money from your bank. Not only that you are facing this dilemma but once bank levy is over you are still facing payment from your bank. Generally, bank levy is the most powerful tool that the Internal Revenue Service has in order to get control of your money from your bank account and they had the power to put your bank account under a bank levy because they believe that this is the only way they can be able to collect your unresolved tax debt.

What you need to understand and be aware is that bank levy is legal and it can freeze all your account or your other assets so that your creditor or the Internal Revenue Service can get hold of the money that legally it was theirs in the first place. Once your creditor or the Internal Revenue Service served you a bank levy, your bank does not have a choice but to give your bank account to your creditor or to the Internal Revenue Service and if you think that you get some of your money, you think wrong because your account will stay frozen until all your debt are paid off. You are lucky if there is money left after your creditor or the Internal Revenue Service finish getting their money.

However, there is way to prevent bank levy to happen and you need to act on it as quickly as possible and you need the help of a tax professional:

• Determine how much you owe plus the added penalties and settle it out of court or if you do not have money to pay for it then you can negotiate for a tax relief such as instalment plan or offer in compromise.
• Once you received the notice of bank levy, you have 21 days to look for a resolution so that no bank levy can happen and you need the help of your tax lawyer.
• Fight it to court; let your tax lawyer handle your fight as long as he or she has the expertise and the background in giving good result by stopping bank levy.

If you received the notice of bank levy do not just shrugged it out because your creditor or the Internal Revenue Service is determine to get your money as payment to your unresolved debt. Once your bank account is frozen it will be harder to remove it and it takes longer to unfroze it and worse, there is no more money to withdraw once your creditor or the Internal Revenue Service is done with your bank account. Look for a resolution so that no bank levy can happen to your money.