Jumat, 02 Februari 2018

The IRS Froze My Bank Account!Can They Really do That

The IRS Froze My Bank Account!Can They Really do That

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Yes! The IRS does have the ability to freeze your bank account. This is called a Bank Levy. As a former IRS-Hitman, I am here to tell you that this does happen and will happen to you if you dont pay attention to the correspondence from the IRS.
Watch out, here they come. The IRS is within its authority to place a levy on your bank account if you are delinquent in paying back tax debt. What this means is that they will call your bank and essentially freeze you out. Yes, this means all money coming in under direct deposit is frozen too. This is their way of getting back the money that you owe.

Know the Steps to a Bank Levy: A bank levy is not something that happens over night. In fact, it is something that you ultimately have control over. The IRS is required to go through a step by step process before they can legally put a bank levy into action. Learn the steps so you know what youre dealing with:

1. You will receive a notice and demand for payment from the IRS for the amount that you owe in back taxes. You will need to immediately contact the IRS and find out what to do next.

2. If you fail to respond to this notice, you will receive a final notice from the IRS. This is to let you know of their intent to Levy. It is also a notice of your right to a hearing after the levy has been placed. You will get this final notice 30 days before the IRS actually talks with your bank and freezes your account.

3.If you once again fail to contact the IRS after you receive final notice then the levy will be placed and you will not be able to access your money.

Dont Let it Happen to You: If you receive notices from the IRS, make sure you take the time to read them. But remember, this alone is not going to prevent a bank levy from happening. You will have to make sure to get in contact with the IRS and work out some type of tax settlement plan that works for you.

Last Chance! If you think that a bank levy was wrongly put in place, you do have some recourse as well. You do have an additional 21 days once the IRS has frozen your assets to work something out with them. This is your last chance however, once that final 21 days is up, your money is gone!

Now you have the smoking gunUse it!

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