When you ignore IRS warnings or wait too long to respond to IRS collection letters, you can run the risk of having your bank account frozen and funds removed including penalties and interest. This is called a bank levy. A bank levy occurs when the IRS orders your bank to seize the funds in your account and send them to the IRS as payment when taxes remain unpaid and/or a resolution has not been reached. This can be financially devastating leaving you unable to access funds to pay bills.
Are you under a Bank Levy? We can help!
An IRS bank levy can be stopped but it is important to act quickly since you will not have much time to stop the IRS once a bank levy has been issued. If you receive an IRS document or form called a “Notice of Intent to Levy” it may not be too late. By law the notice must arrive at least thirty (30) days before the levy occurs. If the IRS has placed a levy on your bank account, you have twenty-one (21) days in which to obtain a release of the levy before funds equaling the amount owed are sent directly to the IRS.
Regardless of your situation, don’t wait for IRS collection and enforcement action to get more serious. Get help now for bank levy assistance. Contact the office of Michael C. Whelan JD CPA at (847) 298-9275 to schedule an appointment.