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Information About IRS Bank Levies

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Information About IRS Bank Levies When the IRS issues an order to levy on a bank account, the Internal Revenue Code (IRC) provides a 21-day waiting period for complying with the levy. The 21-day window includes Saturdays, Sundays, and holidays. This means you really do not have 21 work days to solve your problem. The waiting period is intended to create taxpayer anxiety while appearing to be lenient .


Generally, IRS levies are delivered via the mail. The date and time of delivery of the levy is the time when the bank levy is considered to have been made. In the case of a bank levy, funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds you add to your bank account after the date of the levy. WHAT HAPPENS IF I SHARE THE BANK ACCOUNT WITH A 3RD PARTY? As an example, let's use your mom or dad. If you were included as signature on the bank account of an elderly mother or father to help she/he pay their bills, the IRS can levy the account for my tax debt. How can my mother/father secure a release of the levy? Your mother/father or her power of attorney can call the IRS at the telephone number shown on your Form 668-A(C)DO and they need to be prepared to explain why the funds in the bank account belong to either of them. The IRS will not simply accept the explanation and will ask for substantiation that your mom/dad is the actual owner of funds in a bank account. As you read, the IRS is one , two, three steps ahead of you. So it's foolish to think your money will be easily shielded from IRS seizure by "slapping on" another name to a bank account. WHAT IF THE IRS LEVIED MY BANK ACCOUNT FOR A TAX DEBT THAT HAS BEEN PAID IN FULL?

Here's another example. The IRS levied your bank account after you had fully paid all of the tax liability. The bank has charged a $100 fee for processing the IRS levy. Can I recover the fee caused by IRS error? You may be reimbursed for bank charges caused by erroneous levies by submitting Form 8546, Claim for Reimbursement of Bank Charges, to the IRS address on your copy of the levy. To be eligible to recover bank charges from the IRS, all of the following conditions must be satisfied:


a. The IRS must have caused the error.

b. You must not have contributed to continuing or compounding the error.

c. Before the levy, you must have responded timely to contacts and given information requested to establish your position. Don't expect the IRS to provide you with a refund anytime soon if at all. Go ahead and request it and then hope for the best.


Should be unfortunate to have your bank account seized by the IRS, we suggest that you get yourself professional representation. You will have better results with an IRS Tax Attorney representing you. You may resist believing that, but it is a simple fact. An IRS Tax Attorney will have more sway with the IRS that a civilian.

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