Metro Area- Austin-Round Rock-San Marcos, TX MSA
The IRS has been aggressively handling cases of tax evasion and other tax related problems very strictly. An IRS bank levy happens with taxpayers who have good amount of back taxes and who have not paid their back taxes and haven’t filed their income tax returns. The number of bank levies has been increasing continuously. In 2009 itself the IRS issued about 4 million bank levies.
For taxpayers living in Austin, Round Rock and San Marcos areas the terror of an IRS tax levy can be like a strike of lightning. It has the power to change your life in a flash. The IRS can suddenly wipe out all your bank accounts. All the money in your bank account can be levied and sent to the IRS including back taxes, penalties and interest.
When you have back taxes to pay and you have been ignoring IRS communications, in such situations, the IRS can directly use your bank account to clear the tax debt. An IRS levy on a bank account is one of many other weapons available to the IRS.
With an IRS bank levy, the IRS can take all the money in your corporate, or personal checking and savings accounts. But it is just the beginning. There are more to come.
If you’re an employee and get a W2, the IRS can levy your paycheck through a wage garnishment, but if you are self-employed and do not have an employer, the IRS can put a levy on all your bank accounts, demand your clients to remit their payments to them instead of you, and the IRS can levy your accounts receivable as well.
Besides the IRS bank levy, the IRS also has the power to seize any account with your name. That may include joint accounts belonging to your spouse, children, parents and any organizations where you are an officer of.
You should act quickly in case of an IRS levy on your bank account. A bank levy has a 21-day ticking clock. You should immediately contact a tax relief expert or tax resolution service provider because we can handle the situation better. Call us now at 877-788-2937.
Do not try to contact the IRS yourself. Without the help of an IRS licensed enrolled agent, tax attorney or a CPA, it could be very difficult for you to try to remove an IRS bank levy. You should act fast but should not panic.
Get expert tax help today by calling Mike Habib, EA at 877-788-2937
Tax problem resolution services, IRS tax help and tax relief services in Austin, Cedar Park, Georgetown, Kyle, Leander, Pflugerville, Round Rock, San Marcos, Travis County, Hays County, Caldwell County, Williamson County, Bastrop County, TX