A bank levy is basically a hold that is placed on all of your bank accounts. This will freeze your account and some or all of the money that is in your account can be seized. While there are many reasons that you may have a bank levy placed on your accounts, unpaid or delinquent taxes or other problems with the IRS is the most common reason. It is important to understand that the IRS will not simply place a hold on your bank accounts. Bank levies typically follow other courses of action from the Internal Revenue Service when attempting to collect unpaid taxes. They typically begin by sending out letters stating that you must pay specific tax debts.
Bank levies can be placed on virtually any type of bank account such as checking and savings and even joint accounts if you have them. Also note that even though IRS debts occur in the United States for money owed to the US government, offshore accounts can also be frozen by a bank levy. If you do not have enough money in your account to satisfy your debt, the IRS will simply take what money you do have and keep your account frozen until the debt is paid. They may also garnish your wages.
If you have a bank levy or if you just have unpaid taxes and are afraid that the IRS may come after your bank accounts, Jay Allen Finn, CPA can help. As a former IRS agent, he knows how to minimize your tax debt and get you the relief that you need. To read more about bank levy, visit us at http://www.doggedbyirs.com
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