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Did you know that creditors may be able to take money directly out of your personal and business bank accounts?
While this is true, it’s not as easy as it sounds – unless you’re the IRS.
The IRS is the only entity that can legally withdraw funds from your account without a court order.

Typically, creditors use this option when they’ve been unsuccessful in securing payment for the debt owed to them.

The IRS defines a levy as a legal seizure of your property to satisfy a tax debt.
Levies are different from liens.

While a lien is a legal claim against your property, a levy takes possession of the property.
The IRS has a multitude of options to collect back-tax debt, and which actions are taken vary on each taxpayer and his or financial portfolio.

The revenue agent assigned to the case examines the taxpayer’s assets to determine which collection method will be most efficient.

The IRS will generate a Final Notice of Intent to Levy and Notice of Your Right to A Hearing should the agent determine that a bank levy is appropriate.

The notice is delivered to the taxpayer by certified or registered mail, or in person at his or her last-known physical address.

The IRS allows the taxpayer 30 days to respond to the notice.

If no response is received, the IRS moves forward with the process by contacting the bank.

The bank then freezes the funds in the account for 21 days.

The taxpayer has another opportunity to respond to the IRS during this time.

After 21 days, the funds are transferred to the IRS, who then apply it to the taxpayer’s back-tax debt.

The levy remains in effect until enough funds have been seized to pay the full balance of the back-tax debt, including taxes and interest.

The IRS encourages the taxpayer to resolve their tax debt at any point in the bank levy process.

While several options are available, not all of them are suitable for everyone.

These options include a lump sum payment, a hearing, a declaration of financial hardship and a payment arrangement.

The taxpayer may pay off the back-tax debt, including the penalties and interest to lift the levy.

If you can resolve your debt with a lump sum payment, there’s no need to hire a tax representative.

Simply contact the IRS for payment instructions.

If the tax was assessed in error, the taxpayer has the right to a Collection Due Process hearing, as outlined on The Notice of Your Right to A Hearing.

For those taxpayers who are experiencing a severe financial hardship, the IRS may consider lifting the levy and refraining from collection efforts until they’re back on their feet.

Finally, the IRS may be inclined to lift the levy if a suitable payment arrangement is established.

No collection efforts will be made if installment payments are made on time.

If you received a Final Notice of Intent to Levy, contact a reputable tax professional for help immediately.

Tax professionals have a unique ability to present your case to the IRS for the best possible outcome.

Here at Tax Champions, we’ve been working with clients to resolve their back-tax debt for over 35 years.

We’re especially skilled in the negotiation of tax resolution terms with the IRS that produce an affordable installment agreement.

This allows our clients to settle their debt for the least amount they qualify for. Contact us today for a free consultation.

We’ll discuss your circumstances and determine the best options for a favorable outcome with no obligation or expectation to hire our firm.

If you decide that we’re a good fit for your needs, we’ll get to work right away.

We can be reached at 888.518.8964 every day during business and evening hours or, if you prefer, we’ll reach out to you.

Just submit your contact information to us in the blue box on the right side of this page.