IRS Penalties and Interest FAQs
Why did I Receive a Final Notice of Intent to Levy?
The Internal Revenue Service is required to send, via certified mail, a Final Notice of Intent to Levy prior to any levy action. This notice provides you with a period of time (30 days) to take positive steps toward resolving your tax problems. Potential solutions are;
Where Does IRS Get The Information To Know Where To Levy?
The IRS is limited to information provided by the taxpayer (tax returns) and third party information (1099M, 1099INT/DIV, 1099B, 1099R, W-2s, K-1s, etc. The IRS tends to seek out the lowest hanging fruit (bank accounts, wages).
How Long Is My Bank Required To Hold The Fund Before Transferring To The IRS?
The bank is required to hold the funds for 21 days from the date of seizure before releasing the funds. During this time you or your representative have to convince the IRS to release the funds back to the taxpayer. It is just a waste of time to contact the bank. They will ONLY release the funds upon a formal IRS Release of Levy.
My Bank Account Was Just Levied, What Steps Do I Take To Remove My Levy?
First of all you have to determine whether you feel comfortable handling this situation. Twenty One days goes by quick. Once the IRS has your money, they are very reluctant to give it back. There is a lot to do in the 21 day; 1) Determine whether IRS procedures were followed 2) Compliance must be checked 3) Financial Information must be gathered, and 4) A Proper Action Plan formulated.
How Quickly Can The IRS Bank Levy Be Released?
The time period required to release a levy is determined by the specifics of the case. IRS requires that a taxpayer be in compliance (tax returns filed, estimated payments made) before releasing a levy. The taxpayer must present financial information to determine the amount and/or ability to pay. Information supporting the financial information statement must be gathers.
How Can You Help With My Bank Levy?
We have worksheets and procedure that can assist in getting the levy released quickly. A taxpayer is at severe disadvantage when trying to get a levy released on their own and the IRS is certainly no help. The clock is ticking! Let the experts at Legacy Tax & Resolution Services represent you. Work with our team of Certified Tax Resolution Specialists to resolve your issue(s) quickly. Best of all, you don’t have to talk to the IRS or State; we can speak on your behalf.
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