IRS Bank Levy Process with Nick Nemeth
  • March 19, 2018
  • admin
  • 0

A bank levy is usually confused with a tax lien. It is important to understand the difference. In the case of a bank levy, the IRS has full authority to seize your financial assets to compensate for your tax debts. A tax lien secures the government’s interest in your property. Understanding the IRS bank levy process is crucial and the best way to overcome such tax related issues. If the IRS has sent you a notice of issuing a bank levy in your name, this blog covers all the frequently answered questions about an IRS levy.

It will help you to gain adequate knowledge of bank levies and know what steps to take to resolve this issue.

1. How Does The IRS Inform you about Bank Levies?

Before the IRS issues a bank levy in your name, they are required to send a notice to your last listed address. It is, therefore, vital that your last known address is up-to-date. If you do not receive the notice because the IRS sent the Final Notice of Intent to Levy to the wrong address, it will not be considered by the law. Another method the IRS uses to inform you of a levy is by email. Make sure all your personal information is updated to avoid miscommunication in case of emergencies.

2. How Do I Release a Bank Levy?

The twenty one day holding period is the only opportunity you can utilize in your benefit and try to convince the IRS to release the bank levy. It is important to understand that, under normal circumstances, the IRS does not release a bank levy. There are, however, some circumstances in which the IRS may consider dropping the levy. Those circumstances include full payment of your tax debt, filing an amended tax return proving you do not owe tax debts, or the IRS made a processing error. There are a number of other instances where IRS bank levies may be released. Do your research and always keep yourself informed of your rights when convincing the IRS for releasing a bank levy.

3. How Long Does It Take To Release a Bank Levy?

The time taken for a bank levy to be released depends on the situation. Most bank levies take a day or two business days to be released. However, there are a few exceptions, such as if your case is allocated to a Revenue Officer or if the filing of past tax returns is erratic.

4. How Is a Tax Lien Different From a Tax Levy?

Although some people use these two terms interchangeably, there is a major difference between IRS tax liens and IRS tax levies. An IRS tax lien is a claim against a taxpayers assets and will be showcased on your credit report. An IRS tax levy, on the other hand, gives full authority to the government to seize your financial assets in order to compensate for the taxes you fail to pay to the IRS.

5. What Are IRS Bank Levies?

When a taxpayer fails to pay their taxes on time, the IRS has the authority to issue a bank levy on their property. When and if the IRS issues a bank levy in your name, it gives them full authority of your property and they can seize it to pay the tax debt. The three most common types of IRS bank levies are, bank account levy, wage garnishment on social security and salary, and seizure of personal property. Do your homework and act upon such issues immediately to make sure it does not affect your finances in the long haul.

Wrap Up

A bank levy is a cause for concern and must be taken seriously. Overcoming and releasing IRS bank levies is a difficult task and, sometimes, impossible. Therefore, it is important for you to seek help of an IRS Tax Attorney. If you are looking for professional assistance to resolve your tax problems, the Law Office of Nick Nemeth can help. To schedule a free consultation with one of our IRS lawyers, simply call (972) 426-2553 or fill out our contact form. Let us help resolve your IRS tax debt problems.

Please follow and like us:

What Our Clients Have to Say

Susan WilsonSusan Wilson
03:27 25 Jan 23
I have been very pleased with the solid counsel and guidance that Nick Nemeth has provided me regarding my tax issue. I found him to be honest and straightforward which I appreciated. I was impressed with his relevant experience and knowledge . He has definitely brought me peace of mind during a difficult and stressful time.
Sarah HowardSarah Howard
03:44 14 Nov 22
I would like to thank Mr. Nick and his staff for the superb help that I received from them. My IRS problem was resolved quickly and efficiently. It took 2 visits to convince me that I was over my head. I thought that I could call the IRS, appeal my tax notices and settle on a payment plan on my own. After many phone calls to the IRS, waiting sometimes more than 4 hours with no resolution to speak of, it proved to be extremely difficult and stressful. Revisiting Mr. Nick was a huge wake up call. My account was reviewed, and a payment plan was established with the IRS within a week. I will be forever grateful to the staff who worked on my case and especially to Lorna who listened to me vent while going through this painful process.
M WM W
00:33 07 Aug 22
I cannot say enough good things about Nick and his team. When I first met with Nick he was up front, honest, friendly and efficient. When I worked with one of his attorneys, Eric B, I was just as pleased. All of the staff there are nice and very helpful. I wish I hadn't waited so long to get help with my issue. Over 6yrs I tried getting through and getting anywhere with the IRS and hardly made any progress. I know this may not be the case for all, and even I thought it would take longer than it did, but 3mos and they had my situation straightened out. I still can't believe it. Thank you thank you THANK YOU for all that you did for me. This is a huge burden gone out of my life now thanks to you. If anyone needs help out there, I know you may not want to shell out more money to get their help but it may just save you in the long run.
Spoilly GirlSpoilly Girl
23:49 03 Aug 22
The Nemeth Law team is exceptional. They treat their clients like a family member who is in crisis. They want you to get the best possible outcome. I really appreciate everything that they did for me. Jake and Ashley had the greatest role in my case and it all turned out for the best for me. Thank you Nick and team for easing my fears and getting me through the long process. I'm truly grateful.
Eddie WaltEddie Walt
19:44 12 Jul 22
During a time in which competent, professional service at a fair price seems to have disappeared, Mr. Nemeth and his team are a refreshing breath of fresh air.From my first phone call to the final settlement of our case with a non-responsive IRS, they under-promised, over-delivered and were in constant courteous contact to make sure we knew exactly what was happening and where we stood.I hope to never need their services again, but, should I receive another friendly letter from the IRS...I know who to call!
js_loader
Quick Inquiry

    captcha

    Enter the text you see above