One of the ways that IRS can legally collect overdue taxes is through the use of bank levy. IRS bank levy is usually quite disruptive for anyone, and it's can come as a surprise mainly if you have been assessed to have any tax overdue. Once the IRS notifies the bank, they will freeze any money within your account, making it difficult for you to go about any business if you are too use that money for anything urgent. The IRS is quite different from wage levy as it is not possible for you to know whether there is a bank levy until all the funds you have are already frozen. One way that many people notice that they have a bank levy is that they may write checks and they bounce, which can be quite frustrating especially if you needed to complete an urgent transaction.
There are many ways that you can avoid a bank levy, and one of the ways you can do this is by contacting a tax firm. By using a tax firm, it is possible for you to stop a bank levy that has taken effect already. Once the IRS levies your bank account, you can expect the following things to happen. The fIRSt step is usually the IRS determining that through the assessment you owe them taxes, therefore, you will receive a notice for payment that you need to follow. You may end up winning many notices after the fIrst notice, but the last notice you receive is usually to show that they have an intention to levy or you need to appear in court for not paying your taxes. After you have been issued the final notice the IRS can levy the bank account within 30 days. Find the best Precision Tax Relief company or view here for more details.
The IRS is able to levy a bank account as already have all your financial account information in their system and they can legally level accounts whether it is your savings account or retirement account or your current account. The IRS chooses a bank levy as the way that they can collect the money they are owed and will contact the bank to ensure that they do not release funds. The hold any bank account is usually effective for 21 days and this. You can act in a way that will stop the bank account levy.stop the levy within the 21 days then you will end up having the money in your bank account transferred to the IRS. You can read more on this here: https://www.huffpost.com/entry/most-important-tax-tip_n_5a71ec48e4b0ae29f08d2b1f.
