Bank Levy Release
IRS
Did you know the IRS and State Tax Authorities are the only creditors that can seize property without a court order? After a lien has been filed, the IRS can go into your bank account and take everything they believe is owed. Ideally you contact a competent tax advisor to assist you the minute you receive the first bill from the taxman. But sometimes those bills could be sent to an old address (or you may just not check the mail as often as you should), and just like that, all of your bank accounts are drained. If this has happened to you, please schedule a consultation or call us ASAP.
Questions?
The IRS took all the money from my bank account without warning me first. How is that possible?
Technically, it’s not. We say the IRS likes to kill a tree for each past due balance, given the plethora of notices they send you when you accrue a liability. The first ones are more benign but eventually a Final Notice will arrive, which, if not appealed, enables the IRS to snatch funds from your bank account (also known as a bank levy). So you will always receive plenty of notification before a levy hits, as long as you keep up with the mail. That being said, we’ve seen the IRS send out plenty of levies in error: wrong taxpayer names, incorrect SSNs, incorrect types of levies. We’ve also seen plenty of banks handle a levy illegally, so it’s always possible you weren’t properly notified. If you’ve been surprised by a bank levy, please reach out for a consultation right away.
How quickly can you get my money back?
We had one client that called us from the gas pump because her debit card declined—the IRS had captured her last dollar. She was obviously in a panic but we were able to get her levy released in under an hour. Sometimes, though, the funds cannot be recovered. Each case is different and we make no guarantees that we can get your money back. We have a very high success rate of getting back levied funds, but timing is everything. We can typically get levies released in under 24 hours if you reach out right away. Call us today if you need help with a bank levy.
Can the IRS levy my bank account more than once?
Yes—especially if you are self-employed or have a business-related tax debt. For individual taxpayers, the IRS may send more than one bank levy but typically they will be more than happy to garnish your wages. For self-employed taxpayers and business owners, they will likely send more than one bank levy and may send several levies a week until the debt is paid in full. We are experts in releasing levies as well as putting protections in place so that you and/or your business are not a victim of serial levies filed by an aggressive taxing authority. Call us today for help.