The Internal Revenue Service (IRS) implements different means to collect when you have unpaid taxes. The IRS sends warnings and collection letters, and ignoring these can cause the IRS to place a bank levy onto your bank account. This is a serious collection mechanism that can result in your inability to access the money in your account to pay for necessities and bills.
The IRS placing a bank levy on your bank account is typically the final way they try to collect unpaid taxes, and it happens after they have sent out the notices without receiving any response back. The best tax lawyers are ready to help if this has happened to you, and they know how to stop a levy on your bank account. Here is how a bank levy lawyer can help you with your bank levy.
What Is a Bank Levy?
A bank levy is a freeze on your bank account by the IRS to obtain the back taxes owed. You will receive a notice of intent to levy before this occurs, and you will have 30 days to respond or take measures to find a solution. A bank levy will be placed on your account if you do not respond within 30 days.
You need to quickly address your options when you have received the notice of intent to levy from the IRS. You only have 30 days to prevent the bank levy, and once the bank levy is in place you only have 21 days until the money owed is sent to the IRS. A bank levy lawyer can help you understand your options to receive a release of the levy and will help you with the option you choose.
Bank Levy Lawyers Explain Your Options
You may not understand or even know all of your options when it comes to resolving a bank levy. A bank levy lawyer goes over your options with you and will help you decide which is the best option for you. Once you have chosen which approach you will follow, the bank levy lawyer will assist you in getting it approved by the IRS.
A bank levy lawyer can also help you if the IRS placed a wrongful levy on your account. You can file an administrative claim against this within two years. The tax law before 2018 only allowed nine months, so you now have more time to get a bank levy lawyer to help you with a claim.
Your Tax Lawyer Handles Your Settlement
Settlement is an option if you do not have the means to fully pay the amount due up front. You can try to create a payment plan with the IRS, and your bank levy lawyer will arrange the settlement. Having them help you with this will cause the bank levy to be lifted or prevented if within the 30 days notice.
Lawyers Will Prove Your Financial Hardship
A bank levy lawyer will help you prove your financial hardship if you are unable to pay or set up payments. You need to be able to prove this to the IRS, and having a lawyer assist you will make it easier. They know exactly what proof you need to show that a bank levy would be unfair because of your financial situation.
Your taxes due will be declared as “uncollectible” if you can prove this. Dealing with the IRS is not an easy task, especially if you have not been responding to their warnings and collection letters. A bank levy lawyer can help you with proving your situation which could result in your taxes being deemed “uncollectible.”
Getting assistance from a bank levy lawyer is beneficial to you because they’ll help you understand all of your options. Dealing with the IRS is challenging, but a bank levy lawyer is available to make sure you are following the best approach to stop the levy on your account.