Written by cleartaxsupport
July 18, 2019
| A levy, in general, is permitting the IRS to legally seize your property to satisfy your tax debt if you do not pay your taxes accordingly (or make arrangements to settle your existing debt). Levies are different from liens as a lien represents a legal claim against your property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt. Needless to say that a lien might change to a levy once you neglect your responsibility to pay your debt or you directly refuse to pay it. A bank levy is a specific case in which IRS issues a levy on your bank account, using your financial account(s) to satisfy the debt fully. How does it affect me? The IRS will deliver to you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing in case you neglected your responsibility to pay a tax. If you refuse to pay the tax or to follow neglecting such need, a bank levy is issued and your financial assets on your bank account(s) will be used by the IRS to cover your tax debt. This is usually accompanied by additional fees paid to your bank for proceeding the levy, and it might result to causing you a hardship. We can help you! If you find yourself in a situation that a bank levy was issued on your name, contact us so we can review accordingly your specific case, and evaluate your eligibility for withdrawing the levy by the IRS. This will allow you to settle the debt the standard way. Have your property been seized even though you settled your debt? Contact us as well as we will review the case and when found eligible, we will contact the IRS asking them to return your seized assets once your debt is already paid. |
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