Killer CPA Information About IRS Bank Levy

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) September 3, 2009 -- Bank Levy

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Killer CPA Information About IRS Bank Levy

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http://www.taxproblem.org/glossary-of-terms/bank-levy-or-my-bank-account-is-frozen/

A Bank levy one of several levies that the Internal revenue Service can issue if a person is not in an agreement to pay any outstanding tax liability on record.However, before the IRS can issue such a levy, you will be informed by a notice (or a letter) stating that the IRS intends to charge a levy against your bank account. They will usually request full payment and leave it up to you to make any other arrangements. You will receive many notices from the Service, reminding you of the money that you owe them. After you get the Final Notice of Levy, and you still haven't resolved how you will pay the taxes you owe, and 30 days expire, the IRS be able to take enforcement action to collect the tax. One such enforcement action is a levy on your bank accounts.

A bank levy means that your bank account balance, on the day the levy hits, after 21 days the bank will send the money to the IRS.

What you need to realizes is that bank levy does not take place immediately. When the IRS first sends you a letter remind you of the amount that you owe them, they will also request you to make the payment. If you do not make the payment, or if you disregard the letter, the IRS will continue to send you more letters. Each letter will be more threatening than the previous one. Eventually, they will send you a final notice. In this notice, they are going to inform you that if you do not make the payment to them before 30 days, then they will take enforcement action.

Generally, they will seize U.S. bank accounts, but there are also times when the IRS may seize offshore accounts of the taxpayer. When the IRS decides to opt for bank levy, any amount of money that you may have in your account will be taken by the IRS, without any deductions. The money that they will take will be up to the amount that is on the levy. Sometimes that amount is more than you actually owe. You should make sure the IRS doesn't take too much, and that you release the levy before the 21 days are up. This can be hard to do, Call us at 713-774-4467 and we can help.

If you want to prevent a bank levy in the first place, which is a very wise decision, you need to ensure that you pay the IRS what you owe, or at least get an agreement from them not to take collection action till you are in compliance with what is necessary to do an installment agreement, offer in compromise, abatement, etc. You can read a lot about what is necessary to accomplish this under the "free advice" tab of my web site.

I can help those residing in different areas with their prior years taxes and returns. My practice is devoted primarily to representing taxpayers before the IRS. I specialize in helping people with tax problems, IRS problems, and give you the advice to your issues at hand.

More information can be found online at http://www.taxproblem.org/glossary-of-terms/bank-levy-or-my-bank-account-is-frozen/

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