' IRS Levy Notice - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Faced with a Bank Levy from the IRS? Here’s What to Do!

The IRS uses bank levies as a tool to collect tax payments. If you owe tax money and you are unable to or choose not to pay it, the IRS has the power to take it directly from your bank account. Having a bank levy is something that can leave you feeling powerless and in a position where day-to-day living is nearly impossible, especially if your financial situation is already tenuous.

You will receive a letter notifying you of the upcoming levy from the bank. Receiving the letter is a warning and should cause you to take action and determine what you can do to prevent the levy. If you wait and the levy occurs, you will have only 21 days to resolve the matter before the bank seizes all of the money in the account. As unpleasant as it might be, you need to deal with the situation as soon as possible and do all you can to prevent the government from leaving you in a desperate situation.

What Can You Do Once You Receive Notice of a Bank Levy?

The first thing you need to do when the levy notice arrives is contact an attorney who understands bank levies and tax payments. He or she will help you make the best decision, despite your limited options.

What are your options?

File a Hardship Plan Request

You can send a letter to the IRS proving a bank levy would prevent you from meeting standard basic needs. If you have only enough money to meet the basic standard of living, the IRS might give you some leeway.

Arrange a Payment Plan

Negotiating a payment plan allows you to pay you tax debt gradually. You will need to make monthly payments and if you do not meet these monthly obligations, you can expect the IRS to be harsh. However, setting up an Installment Agreement can stop them from freezing your account.

Negotiate a Settlement

Sometimes the IRS is willing to work with you to pay less than you owe, if you are willing to make a lump sum payment. This is not an option for everyone because most people who were unable to meet their tax obligations do not have enough available to make a large enough lump sum payment to the IRS. However, if you work with an attorney familiar with IRS practices, you might be able to create an arrangement that satisfies everyone involved.

Your final option, of course, is to let the bank seize the account and deal with the consequences. Obviously, this is not the ideal solution, but it has potential to satisfy your tax obligation, depending on the amount in the account.

Have you received a notice of bank levy from the IRS? Do you expect the IRS to take action because of back taxes you owe? You need the support and guidance of someone who understands. Contact the Law Offices of Robert M. Geller at 813.254.5696 to discuss your tax debts and determine your next step.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will Filing Bankruptcy Stop Eviction?

Are you struggling with an eviction notice and don’t know where to turn? You may be wondering if filing for...
Read More

Will Filing Bankruptcy Affect My Social Security Disability?

For those who receive Social Security Disability (SSD) benefits, filing for bankruptcy can be a tricky situation. The goal of...
Read More

Will Bankruptcy Affect My Citizenship Application?

Applying for US citizenship can be a long and complex process. One of the factors that the United States Citizenship...
Read More

What Does It Cost to File Bankruptcy in Florida?

If you are considering filing for bankruptcy in Florida, there is a lot to consider. From understanding what type of...
Read More

Why Should You Consider Bankruptcy in 2023?

With the New Year upon us, it’s important to consider all of your options for getting out of debt. Bankruptcy...
Read More

Can You Keep Bankruptcy a Secret?

Considering bankruptcy is a difficult decision, and it can be a lonely one. You may feel like you’re the only...
Read More

How Will Filing for Bankruptcy Affect My Loved Ones?

Filing for bankruptcy is a serious decision and not one that should be taken lightly. You'll likely wonder will bankruptcy...
Read More

Can I Spend Money If I’m Planning to File for Bankruptcy?

When you’re considering filing for bankruptcy, it can be hard to know the right course of action. One of the...
Read More

What to Do Now If You Intend to File for Bankruptcy Next Year

If you intend to file for bankruptcy in the New Year, there are certain steps you must take to ensure...
Read More

5 Lessons You’ll Learn from Filing for Bankruptcy

Looking for a bankruptcy lesson plan? Here are five things you can learn from filing for bankruptcy. Filing for bankruptcy...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions