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It’s all about knowing the system the methodologies and understanding what it takes to close your case off the IRS enforcement computer.
Once we have a current IRS financial statement within 24 hours we can keep our promise. We cannot only get your IRS bank or wage garnishment levy released we can settle your case as well.
We simply secure your power of attorney, contact IRS and you will never have to speak to IRS, we handle all the communication.
The IRS bank levy is the chief collection tool of the collection division to collect back taxes on taxpayers that have failed to pay.
How they work is simple, they are generated by the IRS Cade 2 computer, how to stop them you will find out in this blog.
The IRS over the years typically files anywhere between 1/2 a million to a million, both Bank and wage garnishment levies.
Depending on the year, the administration and the amount of revenue needed to fill the IRS coffers these numbers fluctuate from 1/2 a million to 3.5 million.
It requires no manpower for the Internal Revenue Service to actually file an IRS bank levy, it is done systematically out of the IRS CADE2 computer.
The Internal Revenue Service keeps its levy sources by collecting your financial information on their computerized system and recording it over the last six years, yes all 1099, W-2, and any financial institution that has required information to file with the Department of treasury appear on this system.
Also if you have written a check to the Internal Revenue Service in the past six years records that is a levy source as well.
If you have not paid the Internal Revenue Service, a final notice of a bank or wage garnishment levy is systematically filed.
The good news about the IRS bank levy is this, your money is frozen in the bank for 21 days, that is, you have 21 days to contact the Internal Revenue Service and they will issue a release of the bank levy but you have to know how to accomplish that and how to make sure that takes place within 21 days.
If the Internal Revenue Service has sent your bank a tax levy and you wish to get an immediate release, call us today. Since 1982.
We have over 200 years of professional tax experience, over 100 years of working directly for the Internal Revenue Service and our staff is composed of certified public accountants, enrolled agents, and former IRS agents, managers and teaching instructors.
We are true experts in IRS bank levies. As former IRS agents we have filed hundreds and hundreds of bank levies so we know the process of getting immediate releases of the documents.
When you call us we will give you a free initial tax consultation, walk you through the program and not only get you your IRS levy release but settle your case at the same time.
There is a very methodical way to get your IRS levy released.
THE HOW TO:
IRS will require a basic financial statement along with documentation and after review decide whether to put you into a currently not collectible, payment agreement or may encourage you to file an offer in compromise.
The Internal Revenue Service will have to be contacted and complete documentation of your current financial statement must be given to the Internal Revenue Service or they will make an immediate determination if the financial statement is complete.
We generally immediately send in a power of attorney for all our clients complete and prepare the financial statement along with the documentation, call the Internal Revenue Service and get immediate releases of the federal bank or wage garnishment levies.
After a review your financial statement we will be able to set up a course of strategy and get your levy released immediately.
As a general rule within 24 hours of receiving your current financial statement we can get your bank levy released by the Internal Revenue Service.
Information you need to know about the IRS bank levy.
A levy is a legal seizure of your property to satisfy a tax debt.
IRS Levies are different from IRS liens.
A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.
Where does Internal Revenue Service (IRS) authority to levy originate? With congress!
The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax. See IRC 6331. Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless the IRC exempts the property from levy.
What actions must the Internal Revenue Service take before a levy can be issued?
The IRS will usually levy only after these three requirements are met:
• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
• You neglected or refused to pay the tax; and
• The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
If you have moved and not let the Internal Revenue Service know, many tax payers find themselves between a rock and a hard place because IRS sends the last final notice to the last filed address on the tax return.
Please note: if the IRS levies your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
When will the IRS issue a levy or garnishment?
If you do not pay your taxes (or make arrangements to settle your debt), and the IRS determines that a levy is the next appropriate action, the IRS may levy any property or right to property you own or have an interest in.
For instance, the IRS could levy property that is yours, but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions). Or, the IRS could seize and sell property that you hold (such as your car, boat or house).
IRS sends out a series of tax notices.
The Internal Revenue Service must send out a series of letters or bills. starting from a simple notice that you owe the money to and including the final notice a taxpayer can get anywhere between 2 to 5 notices depending on the amount and continued clients that may be habitual. IRS always sends out notices to the last known address on tax returns.
What if a levy on my wages, bank, or other account is causing a hardship?
If the levy on your wages is creating an immediate economic hardship, the levy must be released. If the levy on your bank account or other account is creating an immediate economic hardship, the levy may be released.
An economic hardship occurs when we have determined the levy prevents you from meeting basic, reasonable living expenses. In order for the IRS to determine if a levy is causing hardship, the IRS will usually need you to provide financial information so be prepared to provide it when you call.
A levy release does not mean you are exempt from paying the balance.
The IRS will work with you to establish a payment plan or take other steps to help you pay off the balance. To help ensure quick action, please have the fax number available for the employer, bank or other financial institution that is processing the levy.
When the levy is on a bank account, the Internal Revenue Code (IRC) provides a 21-day waiting period for complying with the levy.
The waiting period is intended to allow you time to contact the IRS and arrange to pay the tax or notify the IRS of errors in the levy.
Generally, IRS levies are delivered via the mail. The date and time of delivery of the levy is the time when the levy is considered to have been made.
In the case of a bank levy, funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds you add to your bank account after the date of the levy.
IRS Wage Levies may Follow, the 668w
If the IRS levies (seizes) your wages, part of your wages will be sent to the IRS each pay period until:
• You make other arrangements to pay your overdue taxes,
• The amount of overdue taxes you owe is paid, or
• The levy is released.
Part of your wages may be exempt from the levy and the exempt amount will be paid to you. The exempt amount is based on the standard deduction and an “amount determined” calculated in part based on the number of dependents you are allowed for the year the levy is served.
The IRS mails Publication 1494 (PDF) with the levy which explains to your employer how to determine the amount exempt from levy.
Your employer will provide you with a Statement of Dependents and Filing Status to complete and return within three days
If you do not return the statement in three days, your exempt amount is figured as if you are married filing separately with no dependents (zero).
If you have other income sources, the IRS may allocate the exemptions to the other income source and levy on 100% of the income from a particular employer.
IRS Levies are different from IRS liens. Important Info
A lien is a legal claim against your property to secure payment of your tax debt, while a levy actually takes the property to satisfy the tax debt.
A federal tax lien comes into being when the IRS accesses a tax against you and sends you a bill that you neglect or refuse to pay it. The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
You have the right to appeal if the IRS advises you of the intent to file a Notice of Federal Tax Lien. Your appeal rights are explained in IRS Publication 1660, Collection Appeal Rights (PDF).
When filed, the Notice of Federal Tax Lien is a public document that alerts other creditors that the IRS is asserting a secured claim against your assets.
Credit reporting agencies may find the Notice of Federal Tax Lien and include it in your credit report. An IRS levy is not a public record.
Call us today for a free initial tax consultation and speak to a true IRS tax expert regarding your IRS bank levy or wage levy garnishment.
We are one of the nation’s top Christian defense tax firms.
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