I discussed wage garnishments
last week. This week I'll discuss another IRS tactics, the bank levy
. I can never decide which is worse between the two. A wage garnishment
bleeds you dry every paycheck. But, a bank levy
can leave you suddenly penniless.
What should you expect from a bank levy?
When a bank levy
takes everything out of your account, there is very little you can do to get any of that money back again. Because of this, people often throw up their hands and submit to their dismal fate. I said it last week and I’ll say it again. Do not give up! Get the facts and work toward a resolution, because giving up only makes things worse.
Once the IRS has cleared out your checking account, you may be asking “What else can they do to me?” Well, they can continue to levy you. They can come back to that account after the 21 day freeze is over and take more money. A bank levy
can also come after a number of accounts that have your name attached to it. This includes, but isn’t limited to:
- Joint Bank Accounts
- Credit Union Accounts
- Certificate of Deposits
- Savings and Loans
- Retirement Accounts
It's up to you...
Unless you are willing to completely jeopardize your financial future or possibly a joint account holder’s funds, a bank levy
should prompt you to take immediate action! As I mentioned last week, there are temporary solutions to IRS collection activities. Proving hardship or appealing
may even get you some of the money that has been frozen by a bank levy
. However, the only way to prevent the IRS from coming after every account it can find is to get into the best tax resolution for your situation.
To stop a bank levy
and make sure you get the greatest results possible, hire a tax debt professional with years of experience solving problems just like yours. My Hit Squad Team
has dealt with thousands of different circumstances. Don’t give up! Don’t let the IRS win! Get armed with the best tax defense out there!