An Internal Revenue Service (IRS) bank account levy is one of the toughest collection methods used in order to collect taxes from the taxpayers. With a bank account levy the IRS can lawfully take hold of all of the funds in the bank account and utilize those funds to content tax debt due. This type of levy is so hard to take care of as the IRS seizes large sums of money faster than if they were to use wage garnishment or physical asset seizure. That is why it is really important to act promptly when you know you have received an IRS bank account levy.
When the IRS levies your bank account, it can be a frustrating period. Most taxpayers do not know the suitable actions they need to take to get the bank account levy released. The IRS tax code is extremely complex, which can make it almost terrible for someone who does not have the basic tax law understanding to make out the procedure on their own. Tax Tiger is a standard tax resolution company who can do a fast evaluation of your tax and financial situation to turn up with the best possible solution.
Even if it means not solving your problems right away, they will likely be able to get the bank levy released or paused it while they negotiate another settlement with the IRS. The company offers a free consultation to all taxpayers and charges a flat fee for all services. Bank account levy is the final action of IRS in collection efforts. The taxpayer receives a Notice of Levy which includes the amount of taxes that he/she owns. This notice says that within a given time the payment should be made or some other arrangements should be made.
If within this time frame no steps are taken, IRS decides which type of levy should be imposed. For a bank levy, IRS contacts the bank directly and notifies them that they intend to levy the bank account. The bank does not send the funds to the IRS for twenty one days. This time period allows Tax Tiger to negotiate with and inspire the IRS to release the funds from levy. Negotiating on behalf of a client for a bank account levy release is a very difficult process and should be handled only by the professionals.
A tax professional knows the terms, laws, and procedures the IRS follows and with the help of this the professional can reach to an agreement with the IRS. Apart from this service, Tax Tiger offers specialized services on wage garnishments release, unfiled tax returns and back tax help, preventing asset seizure, property tax reduction, penalty abatement and audit representation. The company hires tax lawyers, registered agents and Certified Public Accountants or CPAs who have years of practice and know how to handle even the most challenging situation.
Thus, it is recommended to take the assistance of a tax professional in order to get the frozen bank account released!