Orlando Lawyer For IRS Bank Levies in Saint, Louis

What You Need To Know

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IRS Bank Levies

FL Attorney For IRS Bank Levies in Central Florida

Discovering that you are subject to an IRS bank levy can be an unwelcome and frustrating situation but it is one you can respond to quickly with the help of an experienced attorney. If the IRS has already levied your bank in Florida and you have lost a lot of money, you need to get help from an experienced attorney. A bank levy usually happens after the IRS has failed to get in touch with you.

A series of IRS letters will be sent to inform you about the owed amount of tax and potential levy. If you have hired an experienced Florida tax lawyer, you can get the assistance provided with a financial analysis.

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Analyzing Your Finances To Avoid IRS Bank Levies

Analyzing your monthly expenses and income can determine whether or not you have grounds to pursue a financial hardship case or whether a bank levy could put you into financial hardship. Any necessary documentation should be gathered immediately. The next phase is to prepare you to get into compliance. After you are compliant with any past two tax returns, you can then enter into formal resolution such as an offer and compromise or installment agreement. Once you have a formal agreement with the IRS, the bank levy can be released. It is important to contact a knowledgeable tax attorney as soon as possible.

Your IRS Tax Levy Rights And Responsibilities

You need to have an awareness of your rights and responsibilities to avoid the consequences of a bank levy. This could put you in a difficult financial position but thankfully, a lawyer may be used to resolve things sooner rather than later. Trying to resolve things on your own can end in a frustrating situation if you are not able to find someone at the IRS who can help you or if you are confused about the necessary rules. For this reason, you need to hire a Florida tax lawyer who has successfully helped many other people handle IRS bank levies to assist you with charting a path for the future.

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