Bank Levy

A bank levy is a collection action, in which money is removed from your bank account. The state and IRS may do this, but the must first notify you of an Intent to Levy.

The Government may:

Seize and sell property you own
Issue a levy on property that is yours but held by someone else. This could include retirement accounts, bank accounts, passive income such as rental income, accounts receivable, life insurance.

The State or IRS typically levies when the following three have transpired:

The government assessed the tax and sent you a Final Notice - Balance Due>
The tax was neglected
The state or IRS sent a Final Notice of Intent to Levy.

If you are levied, money is removed from your account up to the amount of the levy. The bank must wait until twenty one days before sending the money. The holding period allows you time to get professional advice on your situation.

Resolve your tax problems today. Contact Larson Financial: 888-902-0778.

The information provided on this website is for general guidance and to offer the user general information on particular subjects of interest. It is not intended to constitute legal, accounting, tax or other professional advice or services. To the extent that this site concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Larson Financial Complaints.Tax Settlement

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