Are you in need of bank levy relief or wage garnishment relief? Have you ever received a notice from the IRS that they were claiming your property or assets? If so, then chances are you have been involved in an IRS bank levy. But, don’t worry, there is a way out of a levy and it’s called a bank levy release.
The experts at Advance Tax Relief LLC the nation's top tax relief firm in Houston have experience helping clients with tax relief, including IRS bank levy releases. In other words, Advance Tax Relief works with the IRS to get them to release bank levies on their clients’ accounts. If you receive an IRS bill titled Final Notice of Intent to Levy, contact the experts at Advance Tax Relief right away.
Similarly, if you receive a Notice of Your Right to Hearing, call Advance Tax Relief right away.
It’s important that you do not ignore any IRS bank levy notice. Call us to settle back taxes today. We'll help you settle tax debt
What is an IRS Bank Levy?
A bank levy allows for the legal seizure of your property to satisfy your tax debt. There are a number of ways a bank levy exists. For example, a bank levy can include:
Taking money in your bank or another financial account
Seizing and selling your vehicle(s), real estate and other personal property
The IRS can place a bank levy on you to settle back taxes. Therefore, if you don’t settle back taxes with the IRS, they can place a bank levy on your account. As a result, you risk your financial security and property being taken away from you. A bank levy is one of the most common and simple types of levies by the IRS. Before the IRS places a levy on you, they’ll send a notice in the mail outlining your tax debt. To get out of an IRS bank levy, you must request an IRS bank levy release.
When Will I Receive Notice of a Levy?
Taxpayers typically receive IRS bank levies if they need to settle back taxes. Likewise, the IRS will usually levy only after these requirements have been met:
The IRS assesses the tax owed and sends a Notice and Demand for Payment. In other words, the IRS sends you a tax bill before they enact an IRS bank levy.
The taxpayer neglects or refuses to settle tax debt.
Next, if you refuse to pay, the IRS sends a Final Notice of Intent to Levy. Similarly, the IRS will send a Notice of Your Right to A Hearing 30 days before the bank levy.
To get out of an IRS bank levy, you must request a bank levy release. A tax relief professional can help you with that request.
How Does the IRS Notify Me?
There are several ways the IRS will notify you of a bank levy. First, the IRS may notify you of your IRS bank levy in person. Alternatively, the IRS may leave your bank levy notice at your home or place of business. Similarly, the IRS could send your bank levy notice to your last known address by certified mail.
The IRS can also choose to levy your state tax refund. However, if they choose to levy your refund, they’ll send you a Notice of Levy on Your State Tax Refund. After that, you’ll get a Notice of Your Right to Hearing after the levy. It’s important to understand what kind of levy you’re under when you receive the notice. Similarly, it’s imperative that you get in touch with a tax resolution professional immediately. Alternatively, ignoring your IRS bank levy notices can get you in deeper financial trouble.
What Can The IRS Levy?
If you don’t settle tax debt, the IRS can make arrangements to place a bank levy on your account. The IRS may levy any property or right to property you own.
Similarly, the IRS can levy any property you may have an interest in. For instance, the IRS can levy property that is yours but held by someone else. In other words, the IRS can levy assets such as:
The cash loan value of life insurance
Alternatively, the IRS can also seize and sell the property that you hold, including:
House or vacation home
At Advance Tax Relief, we understand how valuable all of the above assets are to you and your family. Likewise, we know how hard it can be when the IRS takes these valuables away. However, we’re here to help.
What is a Bank Levy Release?
Our experienced team of tax resolution professionals has years of experience successfully getting our client's bank levy releases. So, what is a bank levy release? A bank levy release is when you make a request to the IRS to have the bank levy lifted from your account. If you want to file for a bank levy release, you need to contact the IRS immediately. However, the professionals at Advance Tax Relief can do this for you. But, it’s important to remember that getting the IRS to release the levy on your account isn’t always that easy. However, a tax professional can appeal the IRS bank levy before or after it goes into effect. In other words, the best way to stop the IRS from levying your wages, bank account, or other property is to act fast.
How Can I Request a Bank Levy Release?
There are a few main criteria the IRS uses to determine if it can issue an IRS bank levy release. For instance, if the IRS determines the levy will cause immediate economic hardship, they can release it. Similarly, the IRS must issue a bank levy release if it determines that:
You settled back taxes.
The collection period ended prior to the bank levy being issued.
You’ll be able to pay your taxes as a result of the bank levy release.
The taxpayer enters into an Installment Agreement and the agreement terms don’t allow for the levy to continue.
If the bank levy creates an economic hardship, the IRS will release it. In other words, you can get a bank levy release if it’s hard for you to pay for basic expenses.
The value of the property is more than you owe.
What Does A Bank Levy Release Mean?
It’s important to note that a bank levy release doesn’t mean you don’t have to settle back taxes. In contrast, a bank levy release means the IRS will release your personal assets so you can settle tax debt. However, you must still make arrangements with the IRS to settle back taxes or a levy will be reissued. The professionals at Advance Tax Relief have years of experience getting bank levy releases for their clients. Likewise, we understand what’s required to get the IRS to release a bank levy. Furthermore, we’ll do everything we can to work on your behalf and get the IRS to release the bank levy. The professionals at Advance Tax Relief are here to help you. We understand the economic hardship that an IRS bank levy brings. That’s why we’re here to help see you through any tax obstacle that comes your way.
How Do I Avoid A Bank Levy?
Taxpayers can avoid an IRS bank levy before it happens. For instance, you can file your tax returns on time and pay your taxes when you’re due. Likewise, if you need more time to file, you can request an extension. Alternatively, if you’re unable to pay your taxes, you can work with the IRS on a tax relief plan. The key here is to be as proactive as you can with your taxes. In addition, the IRS offers many ways to settle back taxes if you can’t pay what you owe upfront.
The professionals at Advance Tax Relief can help you navigate settling back taxes. In other words, staying on top of your current or back taxes can help you avoid a bank levy.
Settling Back Taxes
The IRS offers many ways to settle back taxes. For instance, if you can’t pay what you owe, you can:
Set up a payment plan.
Settle tax debt for less than the full amount you owe.
File for Currently Not Collectible if you’re experiencing economic hardship.
Apply for an Offer in Compromise, and more.
The IRS understands that not everyone has the ability to pay back their tax debt in full. For that reason, they came up with programs like the Fresh Start program to help people settle back taxes. If you need help settling back taxes, setting up an IRS payment plan, or are faced with a bank levy, call us today. Our tax relief professionals are ready and willing to help.
Get Help with A Bank Levy Release
Have you received a Notice of Intent to Levy from the IRS? If so, it’s important that you contact a tax professional immediately. Alternatively, if you wait to deal with your bank levy, the situation will only get worse. The tax relief professionals at Advance Tax Relief have years of experience getting bank levies released for our clients. Likewise, our team can work directly with the IRS to ensure you get the help you need.
We understand the financial turmoil a bank levy can send you into. For that reason, we want to help you keep your financial stability and safety as best we can. So, give us a call today and we’ll help you get tax relief.
Start with a no-obligation, free consultation now: 1 713-300-3965
Avoiding a bank levy is ideal. We can often stop a bank levy already in effect. Call us (713)3003965
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