Friday, April 3, 2015

Can You Stop an IRS Bank Levy?

The IRS usually resorts to a bank levy when you owe them a considerable amount of back taxes. It’s easier for the agency, obviously, to collect your debt from your money instead of seizing your personal property (your house, car, or any other asset) and taking a portion of your wages. Therefore, the IRS will send a notice to your bank, which will have no choice but to fork over your money.

Once they issue a bank levy, your bank account will be frozen. This gives rise to the question: “Can you stop an IRS bank levy?”—and this query is best answered by an experienced tax attorney.

Your tax attorney will tell you that the IRS only imposes a bank levy when previous attempts to get in touch with you for the settlement of your tax debt didn’t work. Whether you owe them a few thousand dollars or tens of thousands, the federal agency will employ the necessary measures to reach you and have your debt settled; however, don’t think that they won’t understand if you have financial struggles. They actually issue a lot of notices and offer flexible options, so you can pay accordingly without sacrificing your standards of living.

Therefore, if you wish to stop an IRS bank levy, you have to respond to the IRS notice with the guidance of your tax attorney. With the right strategies or debt resolution services, your tax attorney can get you a reasonable tax settlement or payment plan.

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