IRS Levies

The Internal Revenue Service (IRS) has the legal authority to issue a bank levy to your account for any outstanding unpaid taxes with the IRS. The IRS will issue a Form 668-A to your bank to withhold any funds in your account to be sent to the IRS. The bank will withhold all funds in your account the day the bank levy is issued. For example, if your bank levy is issued for February 25, 2020, the bank will freeze all funds in your account for that day. The bank account can be used as normal the next day but the day that the levy is issued is crucial to the taxpayer. As per the levy instructions, the bank will hold the funds for 21 days before remitting the payment to the IRS. The 21 day period is the taxpayer's chance to work out an arrangement with the IRS to have the funds released.

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The IRS will not issue a bank levy without prior notice sent to the taxpayer. The IRS must issue a "FINAL NOTICE" before issuing the bank levy or any other form of collection action to the taxpayer's account. Once the bank levy has been issued by the IRS, it is extremely difficult to have the bank levy released. However, it is not impossible. It is best to seek the help of a tax professional to help release the bank levy. The IRS bank levy can be released through determination of economic hardship, payment in full to the IRS, by initiating an Installment Agreement with the IRS, or other surrounding circumstances based on the taxpayer’s tax history with the IRS.

It is important to call the IRS with the complete bank name, the day when the bank will release the funds to the IRS, and the fax number for the release to be sent to the bank. It is always recommended to seek a tax professional with experience when dealing with the IRS and bank levies. Our tax experts may be able to release your bank levy within 24-48 hours and get you the relief that you deserve.