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Is Your Bank Account Safe?

Has your stomach ever dropped while riding a roller coaster? That is the feeling you get when the IRS levies your bank account. It feels like instant illness. When you owe the IRS or State agencies, they have the power to levy your bank account. This means that they can take all of the money out of your account without you knowing and without your permission. It doesn’t matter that your daughter is getting married and the money for her reception is in the account. It doesn’t matter that the money that you need to close on your new home tomorrow is in the account.

POOF! Its gone. And you feel sick. The stress people feel when dealing with IRS debt can literally make them sick.

Don’t let your tax debt get you to this point. Don’t let your tax debt make you sick. Don’t let your tax debt linger on until your bank account is levied.

5 ways to avoid an IRS/State bank levy:

  1. Read the notices you receive. You have several opportunities to resolve the matter prior to a levy is placed on your account.
  2. Communicate. Call the IRS, ask for a payment plan. If you are in a payment plan, your bank account will not be levied.
  3. Contact a Certified Tax Resolution Specialist. A CTRS is well versed in all of the options available to you. They can help you immediately.
  4. Make estimated tax payments. 9 times out of 10, the only reason you have tax debt is because you failed to make estimated tax payments. Contact a professional who can help you with tax planning to ensure that you do not accumulate any new tax debt.

Understand your financial ability to pay the IRS. If you are unable to pay, stop wasting time and request an offer-in-compromise. Your bank account cannot be levied while your offer is being considered.

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