Bank Levy Release

The IRS has the power to seize your bank account and apply those funds to your outstanding IRS debt, including tax penalties and interest. This is true even if you own those funds jointly with your spouse or someone else.

Generally, the IRS issues a bank levy as a last resort when the taxpayer has ignored previous attempts at IRS collection.

When Does the Bank Levy End?

The tax attorneys, CPAs, and IRS enrolled agents at The Pappas Group in Orlando have gotten hundreds of IRS bank levies voluntarily released by the IRS.

Call us today for a free consultation to discuss your case.

Or contact us.

If the IRS levies your bank account the levy will end when:

A release of levy is obtained,
You pay your tax debt, or
The statute of limitation expires for legally collecting the tax. Generally, the IRS has only ten years to collect a tax once it is assessed.

If the IRS levies your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days.

How do you get the IRS to Release a Levy?

The IRS generally will not levy a taxpayer’s bank account or his wages unless the taxpayer has previously ignored its prior notices or unless it thinks collection of the tax debt is in jeopardy. Consequently, once a taxpayer’s bank account is levied the IRS won’t release the levy without assurances that the taxpayer will not continue to ignore it and avoid the payment of his or her debt.

The tax attorneys, CPAs, and IRS enrolled agents at The Pappas Group in Orlando have intervened on behalf of taxpayers in thousands of cases and persuaded the IRS to release the bank levy and wage levy in exchange for the taxpayer’s agreement to settle the tax debt through the filing of an Offer in Compromise or in exchange for the taxpayer’s entrance into an IRS installment payment agreement to pay the IRS debt off over time.

Here are some dos and don’ts to consider if the IRS levies your bank account:

Do call the tax attorneys, CPAs, and IRS enrolled agents at The Pappas Group in Orlando for a free consultation and explanation of your rights and obligations under the law;
Don’t ignore the notice; this will only make your problems worse;
Do evaluate your finances to determine what, if anything, you will be able to pay to the IRS to establish good faith (this will help you get the IRS levy released);
Don’t panic. While your IRS problem is a serious one, it can be fixed if you know your rights and obligations and the forms of tax relief available to you.

Learn more about The Pappas Group's Immigration Division

// TAX ATTORNEYS & CPAS

The IRS audited my 2007 and 2008 tax returns and disallowed 100% of my business expenses because the auditor said I didn’t have sufficient records. I hired The Pappas Group and they were able to prove by other means that my deductions were valid and the IRS ended up only disallowing about 15% of my expenses. Had I not hired Pappas I would been assessed taxes, penalties and interest in excess of $100,000. The Pappas group now does all of my accounting work and prepares both my business and personal tax returns.

Susan T., Lakeland, FL

// WHAT PEOPLE ARE SAYING

The IRS put a lien on my assets and said I owed it more than $70,000. I hired Pappas and he prepared and filed my delinquent tax returns, got the IRS debt reduced to less than $10,000 and got the lien released. The Pappas Group did what they said they would do.

Hank T., Winter Park, FL

"Your Local Tax Problem Solvers Since 1992"

Bank Levy Release

When Does the Bank Levy End?

How do you get the IRS to Release a Levy?

Learn more about The Pappas Group's Immigration Division

// TAX ATTORNEYS & CPAS

// WHAT PEOPLE ARE SAYING

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