State and IRS Bank Levy Help: Individual and Businesses
Are you dealing with an IRS or a state bank account levy due to unpaid taxes? Is your business? Look for a tax professional by starting your search on your homepage! Connect with a licensed tax professional that can end the bank levy and stop the IRS or state from seizing your funds. However, you need to act fast. Once your bank freezes your account for unpaid taxes, the IRS takes the money in 21 days. After that, it is tough to get it back. in contrast, most states have standing bank levies, which means that the tax-related bank levy stays on the bank account impacting future deposits as well. Since not all states are the same, it is essential you reach out to a tax professional that has experience resolving bank levies with IRS or state tax agency you have a problem with.
How a Tax Professional Can Help with an IRS or State Bank Levy
Turning to a tax professional can be the best way to prevent tax agencies (IRS, various states) from seizing your money. Here are some of the benefits of working with a professional:
- The IRS and most states prefer working with tax professionals, especially in situations where a levy is involved. The IRS and state tax authorities levy assets as a last resort. In other words, they have tried every other option to get you to pay. Even if you try to work out a solution at this point, it is essential to have someone all on your side who knows all your tax options. When you hire a tax professional, that sends a clear signal that you are willing to make arrangements.
- A tax professional can analyze your situation and help you come up with the best option for you. There is a lot of strategies involved when a state or the IRS issues a bank levy. Tax professionals can set up temporary tax resolutions to stop a bank levy and then set up a more appropriate long-term tax resolution afterward. These professionals have your best interests in mind, and the advice they give you reflects that. The IRS and most states will not tell you the optimal tax solution for your situation. They usually don’t provide insight. They want you to pay as much and as soon as possible.
- Tax professionals also know all the IRS and state lingo and how different resolutions work. That can help to improve the chances that your application for a payment plan, settlement, hardship, or other arrangement gets approved.
How Does the Free Consultation With A Tax Pro?
Some tax professional and their firms will provide a free consultation. Here are general guidelines as to how many tax firms work:
- First, usually an enrollment agent or a tax professional will ask you questions to assess your tax situation.
- Second, the tax firm will complete a free investigation if you are unsure what tax years you did not file or what years have liabilities. An “investigation” will provide the tax firm access to your transcripts as well as wage and income transcripts (if necessary). Remember, a bank levy is only a symptom of a more significant tax problem.
- Third, after analyzing your tax situation and finances, the tax firm will provide various tax options as well as a strategy to pursue to get you back into compliance with the IRS or State. The tax firm or tax pro will explain any fees for tax work.
- Fourth, decide whether to move forward with a tax professional or not. There is no obligation. If desired, let the tax team file for Power of Attorney and handle all communications with the IRS or State on your behalf. You will be updated periodically and may have to provide certain documents to complete your case.
- Lastly, once your case is complete, the tax professional assigned to your case will offer future guidance. The guidance ensures you do not fall into the bad graces of the IRS or state again.