When a Bank Levy strikes all of your hard earned cash will be gone in an instant. If you receive a "Notice of Intent to Levy" from the IRS; beware! A Bank Levy can strike at any time.
1. Can the IRS take every penny you have out of your bank account?
Yes! The IRS will levy every cent from your checking account, savings account, or any other account for that matter. If you own a business, important business accounts and even accounts receivable will not be safe from the IRS.
2. Can the IRS levy my PayPal account?
Absolutely! Think of it this way: if you have access to an account, so does the IRS. There's no way to keep the funds in PayPal safe from an IRS levy unless you don't owe the IRS.
3. Can the IRS take all of your money without notice?
The IRS always sends notices before your funds are seized, so look out for them. The letters to beware are:
- IRS Letter 1058 - Final Notice of Intent to Levy and Notice of Your Right to A Hearing
- IRS Notice CP 90- Final Notice - Notice of Intent to Levy and Notice of Your Right to a Hearing
However, if the IRS has the wrong address on file for you, may not be receiving these notices. You could be levied without warning!
4. How do I remove an IRS bank levy?
Once your bank is notified of your Bank Levy you will only have 21 days to get to work and save your money. To get any of that money back, you need to prove extreme financial hardship. The IRS can come after your accounts again. So, work fast to contact the IRS and negotiate another method of payment to keep their hands out of your accounts.
5. Will the IRS leave me with enough money in my bank account to pay my bills?
No! Whether you've got bills to pay or not is not the IRS's problem. You didn't pay the most important bill of all- your tax bill! This is why it's important to work with a professional if your facing a bank levy. They will work fast to prevent your money from being seized or even get your funds back so you can keep food on the table and a roof over your head!
Get Help NOW: When it comes to an imminent bank levy it's smart to work with a professional! If you make a wrong move with the IRS, all your money could be gone in a flash! If you want my help stopping a bank levy or retrieving money seized, fill out the form to the right.
Labels: IRS Bank Levy, IRS Wage Garnishment