• Skip to content
  • Skip to primary sidebar
  • Skip to footer

Long Island Tax Resolution Services

  • Home
  • About
  • Blog
  • Free Consultation
  • Testimonials
  • En Español
  • Representation
  • Notices
  • Wage Garnishment
  • Back Taxes Help
  • Unfiled Returns
  • Levy
  • .
  • .
  • Call us at: 631-244-1650
You are here: Home / How to Stop A Bank Levy or Tax Levy with IRS Tax Help

How to Stop A Bank Levy or Tax Levy with IRS Tax Help

Non-payment of income taxes or failing to make arrangements to settle IRS tax debts gives the IRS the power to seize any type of property or money from your accounts. This power does not require a court’s permission. It is called a tax levy or, more specifically, a bank levy, which occurs when funds are taken directly from your bank accounts.

IRS Bank Levy

A bank levy is the most powerful tool in the IRS arsenal, and it is used when the following conditions are met:

  • After due assessment by the IRS, you receive a notice and demand for payment of tax.
  • You either refuse or neglect to pay the tax.
  • You receive a ‘Final Notice of Intent to Levy and Notice of Your Right to a Hearing.’

A bank levy is a serious matter. Under bank levies, the IRS can:

  • Garnish your wages
  • Seize your property and assets
  • Acquire insurance earnings
  • Acquire rental incomes
  • Acquire retirement account funds

There are different types of account levies. A ‘one shot’ levy is when the bank takes the total amount owed and sends it to the IRS. A ‘continuous’ levy, like wage garnishments, deducts money from your account regularly. As you can see, levies can be detrimental to your financial situation and livelihood.

Luckily, the IRS has a provision to release the levy and establish a repayment plan according to your specific financial situation, but it can be difficult to initiate the process. A certified and experienced tax professional will ensure you secure the best tax levy relief.

Our highly professional tax experts will help you file the appropriate paperwork to lift the IRS bank levy as soon as possible. Our team offers affordable strategies to solve tax resolution problems.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search Form

DOWNLOAD A FREE COPY OF THE ESSENTIAL TAX RESOLUTION GUIDE

Cover of the Guide

Your information is safe with us.

Attorney Plus Program

Long Island Tax Resolution Services is Not a Law Firm of Attorney Practice


Please click here to see why our Attorney Plus Program is the smartest way to resolve your IRS or State tax problems.

Be Smart Check List

IRS On Enrolled Agents :

"The Enrolled Agent is the most expansive license that the IRS grants a tax professional.

An Enrolled Agent has earned the privilege of representing taxpayers before the IRS.

Enrolled Agents are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle and the IRS offices before which they can practice."


IRS Publication 4693A
(A Guide to the Enrolled Agent Program)

Man trapped by tax

NYS Tax Warrants: What Every Taxpayer Needs to Know

Man thinking. New York State Tax Problems FAQ

10 Frequently Asked Questions about New York State Tax Problems

Top 4 NY State Department of Taxation Collection Actions

Top 4 NY State Department of Taxation Collection Actions and What to Do About Them

Offer In Compromise (OIC): Tips To Getting Yours Accepted

The Penalties for Failing to File a Return or Pay Taxes

Footer

LITRS Company Profile

Long Island Tax Resolution Services specializes in providing affordable solutions to both individuals and small businesses experiencing back tax problems. These are either IRS tax problems or State tax problems.

Resources

Our Process

Privacy Policy

Recent Posts

  • NYS Tax Warrants: What Every Taxpayer Needs to Know
  • 10 Frequently Asked Questions about New York State Tax Problems
  • Top 4 NY State Department of Taxation Collection Actions and What to Do About Them
  • Offer In Compromise (OIC): Tips To Getting Yours Accepted
  • The Penalties for Failing to File a Return or Pay Taxes

Tags

Innocent Spouse Relief IRS Back Taxes IRS Bank Levy IRS Hardship irs notices IRS Offer IRS Penalties IRS Plans IRS Tax Relief IRS Tax Services IRS Wage Garnishment Tax Debts Tax Returns

Locations

Head Office (map above)
    80 Orville Drive, Suite 100Bohemia, NY 11716
    Phone: (631) 244-1650
    Fax: (720) 294-1650
Manhattan Location
    5 Penn Plaza, 23rd FloorNew York, NY 10001
2nd Long Island Location
    626 Rexcorp PlazaWest Tower, 6th FloorUniondale, NY 11556
Westchester Location
    50 Main St, 10th FloorWhite Plains, NY 10606

© Copyright 2014 - 2017 Long Island Tax Resolution Services · All Logos & Trademark Belongs To Their Respective Owners·