by Victory Tax Solutions on February 23, 2014 in Blog
The IRS can legally seize funds from your bank account if you neglected to pay an IRS tax debt.
Once your bank receives notice of the levy, it will hold your funds for 21 days. After day 21, the bank will send your money to the IRS (up to the amount you owe, including interest).
Translation: You only have 21 days to save your hard-earned money!!!!!
There are various options you can take to stop the bank levy or save a portion of your funds. For example, you may be able to prevent the levy if you prove to the IRS that it would cause an economic hardship. Another method is to enter into an installment agreement.
However, seizure of your bank funds does not stop the IRS from coming after you. If the bank levy does not satisfy your tax debt, you are still vulnerable to future seizures (not limited to just bank levying).
The only way to ensure the protection of your property is to enter into a suitable and manageable tax resolution.
For more information:
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Levy
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