What is a bank levy?
A bank levy is a legal action taken by the IRS to seize funds from a taxpayer’s bank account to pay off a delinquent tax debt.
How can I get a bank levy released?
You can request a release of a bank levy by submitting a Form 668-W, Release of Levy/Release of Property from Levy, to the IRS. You may also be able to negotiate a payment plan or offer in compromise to resolve the tax debt and have the levy lifted.
How long does it take for the IRS to release a bank levy?
The IRS has 21 days to release a bank levy after receiving a Form 668-W. However, it may take longer if there are complications with your case or if the IRS needs additional information.
Will my entire bank account be seized?
The IRS can seize the entire amount in your bank account if it exceeds the amount of your delinquent tax debt. However, they are required to leave you with a minimum amount of exempt funds, such as Social Security benefits.
What happens if I don't have enough funds in my bank account to pay off my tax debt?
If your bank account does not have enough funds to pay off your tax debt, the IRS may still continue to pursue collection actions, such as wage garnishment or seizure of assets.
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Services
Offer in Compromise
Allows eligible taxpayers to settle their tax debt for less than the full amount owed.
Payment Plan
Allows eligible taxpayers to pay their taxes within an extended timeframe. In some circumstances, taxpayers can settle for less than what they owe.
Read MoreRemoval of Federal Tax Liens
Explores different ways to release the taxpayer from a tax lien burden.
Penalty Abatement
Procures an administrative waiver for certain types of penalties if some conditions are met.
Innocent Spouse Relief
Seeks relief from tax debts if spouse improperly reported/omitted items on your tax return.
Read MoreIRS Bank Levy
Provides interaction with the IRS and Bank to grant you access to the funds in your accounts.
941 Payroll Tax Issues
Offers taxpayers representation to settle payroll tax non-compliance.
Wage Garnishment release
Explores different ways to release the taxpayer from a wage garnishment.
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