MO Lawyer For IRS Bank Levies in Saint, Louis
IRS Bank Levies are enforcement collection actions that involve seizing money from your bank account in an attempt to satisfy a tax debt you owe to the IRS. A bank levy is usually a last resort after several notices have been sent requesting payment. The final letter you should have received is the “Final Notice of Intent to Levy.” This letter informs you of the IRS’s intention to levy your bank account, wages, or other property they think has value so they can liquidate and pay off your taxes. The IRS must give you 30 days to respond to this notice.
If the 30 days have passed and you have made no arrangement to pay the taxes owed, the IRS may then proceed with a bank levy. When a bank levy is assessed, the IRS will have your bank immediately freeze your account. This means you will be unable to use your check card or take money out of your account. Once your account is frozen, the IRS has to wait 21 days before taking your money. The good news is, you will have a 21-day window of time to obtain a release of the levy but you will have to act quickly!
If you have received notice that a levy will soon be served, call the Krus Law Firm immediately (314) 276-4834. Our team of tax audit lawyers can secure the appropriate documentation in an attempt to get the IRS bank levy removed and your money back.
How to Stop or Release IRS Bank Levies
Before releasing a bank levy, the IRS will want a current financial statement which we can prepare using form 433A or 433F. They will also want confirmation that your federal tax returns have been filed and are up-to-date. If you do not have your records, we can obtain the full transcripts and income verification from the IRS to prepare your unfiled tax returns.
Payment of Taxes in Full: If you pay the full amount of your back taxes, plus interest and penalties, within the 21-day period, the IRS will immediately release or stop the levy that it has placed on your bank account.
IRS Repayment Plan: At Krus Law Firm, we can propose a monthly repayment plan with the IRS. This would allow you to repay the back taxes that you owe over time and get you compliant with the IRS.
Offer in Compromise: Our tax audit attorneys can negotiate an Offer in Compromise, which would enable you to settle your tax debt for less than the total amount you owe.
Hardship Status: If you are in a dire financial situation, we can declare your back taxes uncollectible