If you’re wondering how to stop a levy on your bank account, then you may have already received a notice from the IRS. Don’t panic. While this can be a stressful situation, there are steps you can take to protect your assets with help from a lawyer. Let’s take a look at a few.
1. Waste No Time Responding
If you’re wondering how to stop a levy on your bank account, time is of the essence. According to the IRS, you can file an administrative claim against a wrongful levy or seizure by the IRS within two years. While this is a big change adding nine months under the previous tax law before 2018, it’s still vital to act quickly. The sooner you file, the more likely it is that your attorney will be able to stop the levy from occurring.
2. Hire a Tax Lawyer
Getting the help of an experienced tax lawyer can make all the difference if you’re dealing with an account levy. A good tax lawyer knows how to negotiate with the IRS and can often get them to agree to an alternative payment plan or even waive the debt entirely. This kind of expertise is invaluable in these situations, as dealing with government agencies like the IRS can be tricky and intimidating for those without legal experience.
3. Collect Evidence
Before talking to a tax attorney, it’s important to collect any paperwork or documentation related to the levy that you can. These documents could include copies of past tax returns and records of payments made. Presenting evidence like this to your lawyer can make it easier for them to identify problems with the account levy.
4. Negotiate an Offer in Compromise
One way that a tax attorney can help you if you want to know how to stop a levy on your bank account is by filing an offer in compromise (OIC). An OIC is essentially a deal between you and the IRS where you agree to pay a lesser amount than what is owed in return for having all remaining debt cleared.
By understanding how to stop a levy on your bank account and getting help from an experienced tax lawyer, you’ll be able to better protect yourself and your assets. Don’t let the IRS take control of your financial situation. Take steps to fight back with help from our offices! Contact us today.