What do we know about the bank levy? Not all of us knows how the bank levy works but here’s a recap, bank levy is collection tool by the Internal Revenue Service in order to freeze our bank account so that they can get hold of the money that we owe to your governments which means, our bank account or our money from our account will be under the control of the Internal Revenue Service.
Why does the Internal Revenue Service use this kind of collection tool? Simple there are some of us are ignoring their obligation to their government or country in the way of not filing their taxes or simply put opting not to pay their taxes. The Internal Revenue Service use bank levy as their collecting method in order to let people know that no matter if they run or hide the government will eventually find us or can freeze our account in order to get the money to pay for your tax debt.
But before the Internal Revenue Service can do something to the bank account, they must inform the individual of the said tax problem and give a chance to settle it but if keep on being ignored then that will be the time that the Internal Revenue Service can ask for bank levy and get controlled of the bank account. However once inform of the impending bank levy, you have 21 days to fight your case to the court or make arrangement such as a settlement to the Internal Revenue Service.
You have to keep in mind that once the bank levy take effect on your bank account there is nothing you can do about it, not even your tax lawyer can do about it. So before it get worse, you can settle your tax debt or you can enter an agreement to the Internal Revenue Service in order to stop the bank levy to happen to your bank account.
Resolving your tax debt is not that hard to settle as long as you are open to any negotiation to the Internal Revenue Service. The important thing that the Internal Revenue Service wants is to get your payment from your tax debt. If you can settle your tax debt then there is no bank levy to happen if not, then you must prepare that worse because once your bank account will be under the control of the Internal Revenue Service chance are, there will be no more money left for you to withdraw.
Bank levy is the hardest of all collection tools by the Internal Revenue Service so if you can prevent it to happen to your bank account then you better look for a resolution to your tax debt. Let your tax lawyer help you in looking for solution to your tax problem in order to put an end to your dilemma and to the impending bank levy.