It can be a nightmare situation: You happen to be at the ATM machine. To your shock, you are not able to get the cash. Your balance is negative. You panic. You immediately hurry to the bank branch. Your bank shows you a copy of the bank levy notice form the IRS. You feel as if your world has just collapsed.
1. It is simple to procrastinate in following through out of fear . But it can be resolved. As a tax attorney, I discovered that there's no tax concern too big to take care of. You can find fix for everything. You shouldn't forget that there exists a answer to it. You can actually surely come out of this levy. The world is not going to end. The up coming paragraphs will explain how.
2. The money in the bank account don't become under IRS ownership straight away. It's frozen. You will have 20 days from the date of the levy notice to request the cash be returned to your bank account. This is what's called a levy release. (or tax levy release) So take quick action so as to ask for a release.
3. The Internal Revenue Service will verify whether there exists any estimated tax on the income, the tax withheld from your wages and last few years taxation assessments. Any decision made by a IRS employee will not be always final since there are exceptions in certain cases.
4. There's a form named Collection Information Statement which you've to fill it in order to make usage of alternative options like OIC. Exercise extreme care with the details you enter in that. Mainly Because IRS will discover all your money particulars including the saving accounts in other banks, your different incomes as well as the pension plans. It is best to check the form fully and fully understand it so you're able to avoid giving too much information to the Internal Revenue Service.
5. Taxpayers can benefit from numerous appeal rights when their application form get denied. It's technically referred to as a Collection Appeals Program, or CAP. We certainly have major victory in applying this appeal to win your case. In comparison to other appeals like Offer in Compromise, Collection Due Process and many others, CAP has better success rate. This is exactly why we prevail by carrying out a CAP. You see, the IRS rule book is published and, in great depth. The rule book is called the Internal Revenue Manual, or IRM. As the IRM is so intricate, IRS staff have got a difficult time following the protocols exactly right all of the time. And this is the way we win our Collections Appeals Program appeals --- by showing the Appeals Officer the way it is clear that the IRS failed to follow the necessary regulations. Once when the appeals officer evaluate it and get confirmed, she or he will immediately void the collection department order and your bank levy release will undoubtedly be granted.
6. You need a permanent solution to your tax concern. A levy release is often temporary. It's a start of your representation. It's best to right away begin work towards to get a long term relief. Otherwise, do not get surprised to see much more IRS levies on your hard earned cash. For that reason, it is best to get knowledgeable about how to get the light by the end of the tunnel. There are seven significant steps you must follow to guarantee the best deal with the IRS. Find a long lasting solution to any IRS tax problem and sleep better tonight by getting a copy of this guide here.