The good news is that an IRS bank levy does not just come out of the blue.  It usually occurs because the IRS has sent you payment demands for unpaid taxes and you have either not paid or are refusing to pay, or perhaps worst of all, you do not response to them at all and they are left with no other course of action but to initiate action against you through the use of an IRS bank levy. In using the IRS bank levy they effectively freeze any bank accounts you have and seize money in your account in order to offset against any tax debts that remain unpaid.  Obviously if the amount due is less than your outstanding balance then that is all they take, but you should remember that by the time the IRS is in a position to utilise the IRS bank levy then it is likely you will have been hit with penalty interest charges and non-payment charges that can make the amount you actually owe significantly higher than it was when you first started receiving those IRS tax demands.

The IRS levy bank account is not dissimilar to the IRS wage garnishment, however the wage garnishment tends to take place when the principal part of your personal wealth comes from your employment, rather than what you already own.  The bank levy as an IRS tax levy is still however quite a severe form of action undertaken by the IRS and one which you should not automatically assume you should accept.  Indeed tax liens generally are relatively unusual and quite difficult to justify.  The danger is that you allow the IRS to behave in a certain way without challenge.  The best way to address an issue of IRS bank levy is to appoint an IRS tax attorney, to act on your behalf and to negotiate with the IRS in order to accomodate their need for payment of outstanding debts and your need to live without being pushed into poverty.

So how do you stop IRS levy?  Well, perhaps the simplest method is to pay off any outstanding back taxes that may be the subject of tax liens.  Clearly this is more easily written than carried out.  If you had no problems in paying off the tax debt in the first place you would probably not now be facing an IRS bank levy or an IRS wage garnishment.

The second form of action to prevent an IRS bank levy would be to pursue and IRS offer in compromise.  This is something however that you would not be recommended to pursue without the services of an IRS tax attorney as they will have a great deal more experience in the negotiation with the IRS than you would have and subsequently they would have more chance of being successful in their outcome.  Remember for you, if you are facing an IRS bank levy it is outcomes that matter most, not just the process.  One item worthy of note is that if you do pursue the offer in compromise route you will, as part of the negotiation, agree to pay all future taxes, for a specified period, on time.  This maybe something you should consider carefully as this may be the reason you found yourself in the current position in the first place.

The best advice that can be provided is that if you owe back taxes, or are fearful of being unable to pay your IRS tax demands when they fall due then you should seek the advice of an IRS tax attorney.  Their initial fees may appear to be too costly, but they can often provide you with a solution that would otherwise not be available without them.  Don’t fall foul of the IRS bank levy.  Take action to help yourself today.

Related posts:

1. How To Stop IRS Wage Garnishment
2. How To Achieve A Tax Debt Settlement
3. IRS Tax Debt Settlement Help