Accounts and bank Levies
Your tax debt is something that you should resolve as soon as possible. If you delay, it would lead to more problems, later on, such as when IRS have decided to use bank levies in your case. Since it may happen to you without any warning, you should be prepared at all times. Nevertheless, as such things are quite harsh, IRS has been given the responsibility to give you several warning before issuing it. With this one, IRS levy your bank accounts in which they would take the amount of fund they would need just so you would be able to lift from your tax debt. In fact, it is even possible for them to take all the money that you have in your bank account and so, you must act on it fast.
How Bank Levy work?
Bank levies are surely a serious case as IRS can get your money overnight, regardless of whether you would be using it to pay your rent, buy food, medical bills, and other things. Also, IRS has been permitted to do so. It’s fully legal as you were the one who failed your debt on time, especially 10 days after you’ve received a notification.
Apart from bank accounts, bank levies can also include the bank account of others as long as it has your name. You need to file a formal resolution immediately in order to keep your money safe. Typically, you only have a limited time of 21 days to act. After that, you can’t claim for the funds that IRS has gotten from your bank accounts.
How to stop them?
You should be able to protect yourself whenever such situation arises or else. You would not even be able to enjoy spending your hard earned money. Also, bank levies can be considered as a wake-up call for you not to have tax debt anymore as you are already in that situation. All you need is to face it and do something to solve it. There isn’t even a need for you to wait 21 days before you take an action on it.
To get rid of this, the best thing you can do is to seek help from an expert. It would be best for you to contact us as soon as you have received a notice. We have licensed professionals in Houston, TX, who are ready to help you, no matter how complicated it is. We can help you get out of your sticky situation in the most effective means. Contact Us for more info.