IRS Bank Levies :: Tax Help for Releasing Your IRS Tax Levy or Wage Levy

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IRS Bank Levies - Tax Levy or Wage Levy

The IRS is the most brutal collection agency on the planet. If you desire to deal with them on your own (without proper expert representation) it is akin to going to court without a lawyer. You will get creamed!!

An IRS levy is the actual seizure action taken by the IRS to collect taxes. For example, the IRS can issue a bank levy to take your cash in savings and checking accounts.

The IRS can levy your wages or accounts receivable and all other sources of income. The person, company, or institution that is served the levy must comply. If they do not comply, they too may have daunting IRS (legal) problems. The additional paperwork this person, company or institution is faced with to comply with the levy, usually causes the taxpayer's relationship to suffer with the person being levied.

Levies should be avoided at all costs:
-Levies usually are the result of poor or no communication between the taxpayer and the IRS.

Bank Levies
-When the IRS levies a bank account, the levy is only for the particular day the levy is received by the bank. These are generally referred to "one shot" levies.
-The bank is required to remove whatever amount is available in your account that day (up to the amount of the IRS levy ) and send it to the IRS in 21 days unless notified otherwise by the IRS.
-This type of levy does not effect any future deposits made into your bank account unless the IRS issues another Bank Account Levy.

Wage Levy/Garnishment
-An IRS Wage Levy is different.
-Wage levies are filed with your employer and remain in effect until the IRS notifies the employer that the wage levy has been released. These are generally referred to as a "continuous" levy.
Most wage levies take so much money from the taxpayer's paycheck that the taxpayer doesn't have enough money to live on.

For more information, check out our IRS Bank Levy Frequently Asked Questions and IRS Guidelines.

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If you owe back taxes or are plagued by other IRS tax problems, we encourage you to get professional tax help from our team of tax attorneys, CPAs or tax relief professionals because you need Certified Tax Resolution Specialists in your corner when battling the IRS.