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A bank levy is an enforced collection, where money is taken out of your bank account. Before the IRS or state can levy your bank account they must send a Notice of Intent to Levy to your last known address.
If you do not pay your taxes (or make arrangements to settle your debt):
The government usually levies only when the following three conditions have occurred:
If a levy is placed on your bank account, the levy attaches funds that have cleared and are available for withdrawal, up to the amount of the levy. The bank must wait until 21 days after a levy is received before sending the money. The holding period allows you time to resolve any dispute about account ownership, or get professional advice on your situation. After 21 days, the bank must send the money, plus, if applicable, any interest earned on that amount.
To cease enforced collection, the taxpayer must work with the taxing authority, by presenting a reasonable resolution and working toward fixing the tax problems.
We strive to save our clients money, time and stress. Just as there are many different tax related problems, there are many options for tax resolution. Call us at 888-902-0778 for a free consultation. In a few minutes we will help you to better assess what options are best for your unique situation.