What is an IRS bank Levy? How does an IRS Levy work? What can you do about an IRS bank Levy?
When a bank levy is imposed, the IRS freezes the taxpayer’s bank acount for 21 days. In the process, the taxpayer cannot acccess his funds nor withdraw money (except when the account balance is greater than the tax liability). The taxpayer will not be able to paying using debit card. The debit card will not be honored. If the taxpayer has outstanding checks before the levy was placed, these checks will not clear. After the 21-day period, the bank is expected to give either the total amount available in the bank account, or to remit full payment to the IRS from the taxpayer’s account.
How does an IRS bank levy get lifted or released?
What should you do about a bank levy?
If you bank account has been seized, or if your wages have been garnished, contact our office immediately. You don’t have time to waste. It takes us 2-5 business days to get a levy released. Act now or it may be too late!
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