When IRS issues levy on your bank account, it means that you are a tax offender, whose tax balances has become delinquent prompting IRS to enforce collections. Government allows IRS levy on bank account without the need for court warrants. So, don’t be surprised if IRS freezes your bank accounts.
But believe this, IRS is one creditor that you should avoid at any cost. This is because IRS has the authority to take funds from your bank, freeze your assets, sell your property or levy on the wages. So, in case you have been issued a levy from IRS, there is an important thing that you should immediately do.
In case of IRS levy on bank account, immediately seek services of a professional tax negotiator, who can help you and IRS reach an agreement on paying your taxes as a part of monthly installments. But it is more difficult to get a release from IRS bank levy in comparison to wage levy. Hence, make sure that you choose a negotiator who has experience and higher success rates than others. A tax negotiator that takes a percentage of fees only after negotiating a release should be preferred over others.
Ensure
that you provide them a copy of the levy and fill in documents or
package forms for faster processing. Also, once you are released from
the levy, opt for a plan that protects you from any future levies.
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