If you got an IRS levy notice you are probably what it is, why you got it and how to stop it. If that is the case, you made it to the right place. Here we will give you general information about IRS levies and Bank levies and offer assistance with settling your tax debt with the IRS.
What is an IRS levy or Bank Levy?
A tax levy is an administration action by the IRS to seize property or money from your bank account to settle a tax liability according to the IRS. A Tax levy is basically a tax fine or fee for not paying all of the taxes you owe.
How Do I Get a Bank Levy Released?
Contact the IRS or a tax debt advisor to request a bank levy release and resolve your tax liability. The IRS will release your levy if they determine that the bank levy is causing economic hardship. If you are denied levy release, you can appeal the decision before or after they place a levy on your property, bank account or wages.
The IRS has to release a levy if they determine that:
- You have already paid the amount you owe
- The collection period ended before the levy was issued
- The release of a levy will help you pay taxes
- You enter into a payment plan or installment agreement
- An economic hardship is created by the levy that prevents you paying living expenses etc.
- The property’s value if worth more than the amount you owe and releasing the property will not hinder their ability to collect what you owe
IRS Levy Letter – IRS Notice Of Intent To Levy
The IRS sends out many different letters and notices. The most common notices of intent to levy include:
How To Stop IRS Levy
The best way to stop an IRS levy is by paying of the tax debt. However, if you cannot pay off the entire balance, the IRS will try to work with you and either offer an installment agreement or offer in compromise.
Method 1. Enter into an installment agreement (IA)
An installment agreement is basically a monthly payment plan to resolve your tax debt. As long as you make your monthly payments on time, the IRS will stop the levy on your wages or bank account.
Method 2. Settle with offer in compromise?
The IRS can agree to settle your tax liability with an offer in compromise. An offer in compromise will allow to settle your tax liability for less than the amount you owe. It’s a great option if you can t pay off your entire tax debt. The IRS will consider your circumstances:
- Your ability to pay
- How much income you make
- How much expenses you have
- How much asset equity you have
It is wise to seek other pay back options before settling with an offer in compromise.
Method 3. Request a Collection Due Process Hearing
Method 4. Prove financial hardship
Who do I call about a tax levy?
You can call the IRS or a tax debt advisor like Scott Allen E.A who can help you get your irs levy released. Learn how to prevent IRS levy
How long does a bank levy last?
A bank levy will last as long as you owe the IRS or until you set up a payment plan, offer in compromise or other payback method.
Settle Your Tax Debt With Tax Debt Advisors!
Scott Allen E.A has helped thousands of tax payers settle their debt with the IRS. Contact Scott today to find out how you can settle your tax debt today! Tax Debt Advisors, Inc specializes in Tax Preparation, IRS Help, IRS Tax Audit Help, IRS Tax Debt Help, Filing Back Tax Returns, IRS Levy Help and more.