If you find yourself facing an IRS levy on your bank account, it's essential to take immediate action to address the situation and protect your financial well-being. Here are some crucial steps to follow:
Stay Calm. Receiving an IRS levy notice can be stressful, but it's essential to remain calm and avoid panic. Panicking won't help resolve the issue.
The bank will hold your funds for 21 days before sending them to the IRS so there's a chance we can stop it if you reach out quickly.
Contact us. Reach out to a professional as soon as possible to understand the reason behind the levy and discuss potential solutions. You can often negotiate a payment plan or offer in compromise to settle your tax debt.
Appeal the Levy. If you believe the levy is unjust or incorrect, you have the right to appeal the decision. We will provide you with instructions on how to do this.
Protect Exempt Funds. Some funds, such as Social Security or disability benefits, are typically exempt from IRS levies. Ensure that these funds are properly identified and protected.
Remember, addressing an IRS levy on your bank account requires proactive communication and financial planning. Seek our professional guidance if needed, and don't hesitate to reach out to work toward a resolution.
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