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IRS Levies Bank Accounts- Release of Wage
When the IRS levies bank accounts, it can leave you financially devastated if you do not take immediate action. Whether you received a Notice of Intent to Levy or you’re currently under a wage levy or bank levy, Ace Plus Tax Resolution can protect you.
A levy occurs when the IRS collects your back taxes through “seizing” your real or personal property. Typically, levies are made on financial accounts held for you by others, such as a bank, a stockbroker, or an employer. Levies are placed on bank accounts, social security benefits, and retirement income.
Why the IRS Levies Bank Accounts
The vast majority of levy notices are issued to tax debtors’ financial institutions and employers. When the levy is on the bank account, banks have to submit your funds to the IRS or state, and you can only get them back when these taxing authorities allow them to. In case of a wage garnishment, part of your wages will be sent to the IRS or state each pay period.
Levies can also occur by seizures of vehicles, business assets, and miscellaneous property to satisfy the back taxes.
In addition to any properties, a levy can attach to any future federal tax refunds or state income tax refunds that you are to receive, in order to satisfy the federal tax liability.
Tax professionals at Ace Plus Tax Resolution have obtained the release of numerous wage and bank levies for their clients, resolving our clients’ tax problems immediately and permanently. It is important to note that these tax problems don’t go away on their own, and you must take action by seeking assistance from certified tax professionals. Contact us now!
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