IRS Bank Levy Release Help is often needed but mostly ignored
Some people really need expert IRS bank release levy help!
Due to the complexity of the issue, IRS Bank Levy Release Help is often needed. Many people and businesses are surprised to discover that they have received IRS Bank Levy notices on a Form 668-A that can take all or a large portion of the total money in a checking/savings account. Unfortunately, the banks have no control over how to process the levy notices they receive, unaware they must be processed on the same day that they are received by an IRS representative.
As a result of this IRS requirement, most people and business owners will find out their bank accounts being levied only when they try to use their debit or credit cards. This kind of surprise is usually followed by a desperate conversation with a bank representative or with online bank robots for IRS bank levy release help.
The entire IRS collection process typically follows a schedule of dates and contact requirements that must be followed by the IRS before they can actually issue either a bank levy or a wage levy. Generally, the rules are the same for bank garnishments and wage garnishments, but this article will deal specifically with IRS bank garnishments.
For the sake of this article let’s assume that you actually do owe IRS a few hundred or even a few thousand and you are not currently under a valid IRS Installment Agreement to make monthly payments on your unpaid income or payroll taxes. Let’s just say that you owe IRS and you know that you owe it.
IRS Bank Levy Release Help Process: Before the IRS Bank Levy
The IRS must assess or calculate tax on you or your business before any bank or wage levies can be issued. The IRS can only assess tax on you after your tax return has been filed and the IRS computer system has analyzed and computed your tax and penalties. It can take IRS anywhere between three weeks and six months before their computer system can complete this process but it will usually get the job done in about six weeks.
If you owe an unpaid balance the IRS computer system will automatically mail you a CP 14 Letter that is also known as a Balance Due Notice. This notice and all subsequent correspondence will be mailed to the address you submitted on your tax return. If you move or otherwise change your mailing address it is your responsibility to inform IRS of your new address.
In The Queue
Once your CP 14 Letter has been mailed to your last known address your case will be known as “In The Queue.” This means that your case has been placed in line to begin to receive a series of letters that will get more and more serious and dangerous. Your failure to respond to these letters will eventually lead to levy action.
IRS Bank Levy Help for this IRS CP 14 letter can solve your problem.
The notification process will go like this:
IRS only mails out bank levies after a series of five letters have been mailed to the taxpayer. These are sent about 30 to 45 days apart:
CP 14 – Notice of Balance Due.
CP 501 – Balance Due Reminder Notice.
CP503 – Important, Immediate Action Required.
CP 504 – Urgent Notice – We Intend to Levy on Certain Assets.
CP 90 – Final Notice of Intent to Levy. Also known as a Thirty-Day Notice.
Since these notices are sent out 30 to 45 days apart you can easily calculate that it could be up to six months before an actual bank levy could be mailed to your bank.
CP 90 – Final Notice of Intent To Levy
No one likes surprises like this.
Once your tax case has been transferred to ACS the last notice that will be sent to you is a CP 90 Final Notice of Intent to Levy; this letter is also known as a Thirty-Day Notice. It informs you that you have thirty days to contact IRS and make some kind of payment arrangements. Your failure to contact them and discuss your case will then escalate your tax matter to what they call Enforced Collection Action. Once the Thirty-Day Notice has been mailed out the IRS will be under no additional obligation to attempt to contact you before they issue any bank levies or wage garnishments. At this stage of the game you might wish for some IRS Bank Levy Release help.
Issuance of Bank Levies
Sometime after thirty days, but not usually within an additional thirty days, the IRS Automated Collection System will mail a Form 668-A Notice of Levy on Bank Account to your bank(s). This notice will automatically force your bank to place a 21-day hold on all the money in your accounts that will add up to at least the amount that is shown on the Bank Levy. So if you owe the IRS $5,000 and you have $3,000 in your bank account(s) at the bank….. then the bank will take out all $3,000 of your money and hold it for 21 days before sending it to IRS.
If you owe IRS $5,000 and you have $6,000 in your bank account(s) at the bank….. then the bank will take out only $5,000 of your money and hold it for 21 days before sending it to IRS. This is the point when professional IRS Bank Levy Release Help can be well worth its cost.
The good news is that an IRS Bank Levy is to be enforced only on the amount of money that is in your account on the day that the bank receives the notice. This means that you can make deposits to your bank on the day after the levy is enforced and you will have access to all additional deposits. You will therefore be able to continue to use your bank account for personal or business operations.
Professional IRS bank levy release help puts money in the bank.
Your Bank Will Usually Be Levied Only Once
Normally, IRS will not re-issue bank levies to the same bank for six months or longer. This is not guaranteed, however.
Contacting The IRS
Each IRS notice will give you phone numbers and addresses for contacting IRS. You should contact IRS as quickly as possible in order to discuss your tax matters with them. Most IRS employees are very well-trained and courteous and willing to provide quality IRS Bank Levy Release Help. All IRS Automated Collection System telephone representatives are subject to call-monitoring and are expected to be courteous to all callers and are very good at working out affordable payment arrangements with individual taxpayers. Follow our tips and you will be on your way to receiving your IRS bank levy release in no time!
The IRS Automated Collection System phone number is 800/829-3903.