Definitions for "Bank Levy"
If taxes are owed, the IRS can send a Notice of Levy to a taxpayer's bank. Upon receiving the money, all money in all accounts associated with a taxpayer's social security number is frozen. The money becomes inaccessible. If attempts are made to cash checks written against the frozen account, those checks will bounce. The bank holds the money for 21 days, and then it must remit the funds to the IRS. Equity Search can help with IRS Bank Levies. The 21-day period where your assets are frozen is our opportunity to negotiate with the IRS and find a way to reach an agreement to release the bank levy. Bank Levy Release A Bank Levy Release is an action taken by the IRS that unfreezes a levied bank account and reopens access to funds. Obtaining a Bank Levy Release is a negotiation process with the IRS. Equity Search can help negotiate with the IRS and obtain the release within the 21-day window. After obtaining the release, we can move forward by discussing options for further negotiation regarding IRS tax liability.
A way to enforce a decision against someone who owes money. The money is taken from their checking or savings account at a bank, savings association, credit union, etc.
an IRS collection tactic
an effective tool in seizing money owed to ourclients as well as a settlement tool