4 Ways To Prevent A Bank Levy

4 Ways To Prevent A Bank Levy

The best way to stop a bank levy is to avoid one altogether.

 

What is A Bank Levy?

A levy by the IRS is a legal seizure of your property in order to collect tax debt. Bank levies are one of the most powerful tools used by the IRS. A bank levy does not happen out of the blue. The IRS will send you a notice and demand of payment beforehand. The IRS will then give you a 30-day levy notice, which in simple terms is your final notice. If you have gotten to the last stage and need the bank to release the levy there are some options left for you.

Pay Your Taxes In Full

If your days are winding you may want to try paying your taxes in full. To fully pay back your taxes you’ll need to be able to pay the full amount plus interest and penalties. The IRS will immediately stop the levy on your bank account once you pay off the tax debt.

IRS Repayment Plans

While it sounds ideal to fully pay off your taxes, most people are in this situation because they can’t afford it, let alone pay it off in a few weeks. The next option is a repayment plan. This is the most common way to avoid an IRS bank levy. Think of the IRS Repayment Plan like a monthly loan payment. You’ll need to follow a plan that allows you to pay back your taxes and puts you back into good standing with the IRS. Don’t try to hide from your taxes, the IRS will find you, so get yourself a repayment plan you can afford.

Bank Levy Reversal

A Tax Relief Adviser can help you reverse the levy. With their professional help, you may be able to protect your money and have the IRS return funds it has already taken.

Hardship Plan

Chances are, if you’re at this stage you can’t afford to pay off your tax debt and you may be able to get the levy released. A tax professional can coach you through the process of declaring hardship or filing for bankruptcy.

 

Get Help From A Professional

At Tax Relief Advisers we have the experience, and knowledge to help you avoid a bank levy. With over 100 years of experience, we’re San Diego, California's trusted experts.

 

 

 

 

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