IRS Bank Levy Release
By Houston TX CPA Jim Trippon, on the web at www.CPAHoustonTX.com
IRS Bank Levy Releases is a topic my CPA firm in Houston TX gets questions about all the time. If the IRS has placed a levy on your bank account, rapid action is your only hope to avoid forfeiting your money, and worse, having the IRS make future levies. Our CPA Firm works with taxpayers not only in Houston, but also nationwide to release IRS Bank Levy’s. Here is the truth about how IRS Bank Levy Releases really work.
Bank accounts are levied when individual taxpayers fail to address the tax debts owed to the IRS. During the initial 21 days of the bank levy, your accounts will remain frozen by the financial institution. Once this 21 day waiting period has passed, the funds held within your accounts will be forwarded by the bank to the IRS directly.
The levy placed on your bank accounts will stand until the time allotted has expired or you have paid your tax debt in full, including all applicable interest and penalties owed.
Bank Levy Errors
While the IRS makes every effort to follow protocol, errors still occur. If you feel that a bank levy has been assessed in error, you may be entitled to a release and/or reimbursement from the IRS. In order for the potential error to be considered, you must file a determination appeal to the appropriate Tax Court within 30 days of the levy.
In addition to a procedural error, you may also be eligible for a bank levy release if you are undergoing extreme financial hardship, verifiable by the Tax Courts.
The best course of action is to prevent a bank levy from occurring. For more information about levies and resolving tax debts, contact one of our tax professionals.
About the Author: Jim Trippon CPA is the founder of J.M. Trippon & Company, PC a CPA firm in Houston, Texas that works with Houston taxpayers, business owners, and their families. For more information, or for help with an IRS Bank Levy Release for your family or business, please contact Houston TX CPA Jim Trippon at 713-661-1040 or visit our website at www.CPAHoustonTX.com.