Bank Levy Releases

When a delinquent taxpayer fails to respond to notices of unpaid tax owed, both the states and federal government employ enforcement action in the form of issuing a levy on any known bank accounts of a delinquent taxpayer. If a banking institution receives a Notice of Levy having a name and social security number or employer identification number that matches their records, all funds in said account will be immediately frozen, rendering the funds inaccessible to the account holder.

Federal bank levies typically involve a twenty one (21) day hold on the funds until any frozen funds are forwarded to the IRS for processing. The twenty one (21) day hold is your opportunity to attempt to make a showing of financial hardship to request a full or partial bank levy release. Bank levies are much more difficult to release, relative to that of a wage garnishment.

Delinquent on Your Taxes? Attorney Elizabeth Gonsalves Can Help Stop Bank Account Levies

With regard to federal bank levies, any funds in a levied account when the levy hits are affected. Deposits of additional funds into a levied account after the levy has issued should not be affected by the levy; however, banks often misinterpret levy rules and freeze any additional funds deposited into an account. For this reason, we do not advise our clients to make additional deposits into an affected account unless or until the results of a levy release attempt are known.

If you are suffering from a bank levy that recently issued against your account you must act quickly by hiring representation to speak to the IRS on your behalf about a release. Time is of the essence where bank levies are concerned. The Law Office of Elizabeth Gonsalves offers same day levy release attempt service. Call us immediately for professional assistance today, (855) 843-4442.