Ways Of Stopping IRS Bank Levy

 

It is critical to inform the individuals that IRS has the permission to collect the tax that is considered as being overdue through bank levy. When it comes to the experiences in IRS collection, they can be disruptive, surprising as well as alarming. Once they give you a notice, they can take all your money that is available in the account. It is hard to know that there is a bank levy that is in place until you realize that the funds have already been taken. One way in which you can note that there is a bank levy is by having a check that has bounced or getting no funds in your account.

 

Individuals are always advised to avoid bank levy. You should not worry if you have encounter yourself in such a situation as there are various tax companies such as Precision Tax Relief that will be of great help to you. They will ensure that the bank level that is already there is stopped and you will not lose your funds. Once the IRS notices that you have taxes that you owe, they will give you a notice requiring you to make the payment. Once they issue several notices, they will send the final one. Once you get the final notice, you need to know that your bank account will be levied in a months' time. You can check your irs hardship status here.

 

Remember, the IRS has a file that contains information about your financial account. They have the authority to levy your savings, checking and also the retirement's accounts. Once the bank levy is selected by IRS as a way of collection, the find in your bank account will be held and these instructions will be given to your bank by the IRS. There are some ways in which a tax relief company can ensure that they stop an IRS bank levy. They will ensure that they negotiate an offer in compromise. You can also read more tax information at https://www.huffingtonpost.com/entry/the-ultimate-guide-to-filing-your-taxes-for-free_us_58878307e4b0d96b98c1dfbe.

 

Alternatively, they can opt for the streamlined installment agreement so that there can be the release of a bank levy. Another way in which such companies can ensure that there will be no IRS bank levy is by filing a case whereby they will mention that there is an economic hardship. It is of the essence to let individuals know that upon working hand in hand with the tax experts, they will always have the bank levy stopped within one day. These experts usually are successful in their ways of negotiation which will lead to positive results. Refer from this article.