Bank Levies

You live in Los Angeles and the IRS has filed a levy with your bank, leaving you unable to pay your bills, your rent or mortgage, your car payment or to feed your family? It’s now all that hopeless, contact Los Angeles Tax Attorneys to stop the bank levy with a Bank Levy Release. Don’t hesitate, because you only have 21 days to stop bank levies.

Bank levies are usually the result of a failure to communicate. So if you decided to play deaf and mute, and ignore IRS notices, phone calls and letters, the IRS will start what they call Enforced Collection. Again, it is a way for them to get your attention and collect the delinquent taxes. Locating the bank or other financial institution can be difficult for the IRS. However, if you had interest or dividend income in the last few years, the IRS knows where to start. They have forms you have filed with them showing the name and address of the financial institution that may have your money or property (stocks, bonds, etc.).

The IRS sends a Notice of Levy to the financial institution informing them that you owe taxes. The IRS requires them to freeze all the money available in your accounts as of that day. This attaches to all accounts with your social security number. You cannot use any of those funds to pay your bills after the Notice of Levy is sent. This freeze may cause your checks to be rejected. The bank must hold these funds for 21 days. At the end of that period, the bank must remit the funds to the IRS.

The task of Los Angeles Tax Attorneys is to negotiate with the IRS and obtain the release within that 21 day period. The negotiations we conduct are actually a joint effort, your full and complete cooperation and the experience and expertise of our tax attorneys. During the negotiations we will supply the IRS with the information they require. Under the regulations, the IRS has the authority to release the bank levy sending a Release of Levy to your bank. After that has been accomplished, we can now proceed with either an Offer in Compromise or continue an Installment Agreement.

Remember, many times the bank levy is wrong, you still can correct the problem. Besides, as bad as the bank levy is, the wage levy is much worse.

Get you bank levies released with Los Angeles Tax Attorneys!

Bank levy at TaxHelpers.com