What Is A Bank Levy Or Wage Levy Accounting And Tax Services That Help With The IRS
Many clients have called and their case has progressed and the IRS is threatening the tax payer with a bank levy or a wage garnishment. When they call the client will often times ask, how does a bank levy or wage garnishment work? This is where help with IRS â€˜language' can be useful.
Bank levies and wage garnishments are considered enforced collections actions. Most, if not all of our cases never require to get anywhere near enforced collections actions.
However, enforced collections can be part of a strategy, and we have used both of these actions in the past.
As providing accounting and tax matters, we use these actions to gain a certain type of tax payer or case.
Most tax payers want to know, if the IRS levies my bank account, is the account done, how long does the levy last? A bank levy is a 1 time shot. The IRS sends your bank the notice of levy, and 21 days later the bank sends your money to the IRS.
So your account is not frozen, but it has no money in it.
The bank levy is a 1 time shot. The IRS can send your bank another bank levy, our experience is the IRS will strike your account a few times a year. Unless your case has been assigned a RO who is actively in search of all methods of collections.
Another common question we get as tax consultants is, "can I get the money back"? Maybe, if you can get a release of levy before your bank sends the money to the IRS.
A Wage garnishment is another enforced collections action. The IRS sends a warning to your employer and then a particular amount of your pay is redirected to the IRS instead of you.
Can you stop a wage garnishment? Overall, your tax consultants can most likely stop all enforced collections actions, you just have to be ready to give the IRS an substitute form of payment option.
Marc Jernigan is Co-Founder along with Nick Sutton at Tax Matters Solutions LLC. They understand the tax law and how the IRS operates; allowing them to quickly and easily solve any of your IRS and Tax problems in the most efficient and effective manner possible. To find out more visit http://www.taxmatterssolutions.com today to get your hands on their latest free report titled "The Official Tax Payers Guide To Solving Your Tax Problems" Or simply pick up the phone and call 877-489-8999.
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