An IRS levy allows the government to seize your bank accounts, wages, or other assets. If you are facing a levy, immediate action is critical. We can help get it released.
While a lien is a legal claim against your property, a levy is the actual seizure of that property. The IRS can levy your bank accounts, wages, retirement accounts, Social Security benefits, and other income or assets to satisfy a tax debt.
A bank levy freezes the funds in your account for 21 days, during which time you can negotiate with the IRS. After 21 days, the bank sends the frozen funds to the IRS. Acting quickly is essential.
We contact the IRS immediately to begin the release process. Common strategies include setting up an installment agreement, demonstrating financial hardship, proving the levy is creating an economic hardship that prevents you from meeting basic living expenses, or correcting IRS errors.
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In many cases, we can get a levy released within a few days by contacting the IRS and proposing an alternative collection method. For bank levies, the 21-day hold period gives us time to act.
The IRS can levy up to the amount you owe, plus penalties and interest. However, certain exemptions apply, and we can often negotiate to have some or all funds released.
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