Bank Account Levies
What Is a Tax Levy?
If you owe back taxes, the IRS usually implements collection activity which can involve calls, letters or even visits and may also put wage garnishments in place. United States Federal Law does, however, allow for an administrative action, known as a tax levy, where the IRS can seize your property or funds without prior notice.
The IRS also has the power to confiscate funds belonging to you from other sources such as your 401K account, your series H bonds, or insurance proceeds that are reducible to cash. They can even raid the contents of your safe deposit box at the bank.
If you owe back taxes, you could face the risk of IRS placing a levy on your bank account. Contact a Miami bank levy attorney from the Tomas Law Firm today to learn about your options.
Bank Levy
Can the IRS really take money from your bank account? Under federal law, the IRS has the option to place a levy on your bank account and appropriate the overdue amount directly. In these cases, the bank will freeze your account and the funds will be taken to cover your tax liabilities.
At the Tomas Law Firm, we offer a free consultation to help you discover how we can help with your unique situation. Our firm understands the immense strain a bank levy can place on your life, business, and family and will do everything possible to help ease the burden.
Bank Levy vs Wage Garnishment
When dealing with the IRS, a bank levy refers to the IRS taking money from directly from your bank account and applying it to the taxes you owe, whereas wage garnishment refers to the IRS taking money directly from your paycheck to cover your tax liabilities.
Choosing Miami Tax Lawyer A. Antonio Tomas
If you do not currently have a solution to settle your unpaid taxes, talk to a Miami tax lawyer at our firm before you discover the IRS has simply taken your money. An insightful attorney can offer advice regarding how best to approach the problem of your back taxes and reduce the risk you are facing in relation to IRS collection activity.
If you are already the victim of a levy on your bank account, you should also talk to an attorney, as it may be possible to obtain a release from these and regain control over your finances.
Contact a Miami tax attorney at our firm if the IRS has placed a levy on your bank account or you owe back taxes and are thus at risk of having this occur.
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THE INTERNAL REVENUE SERVICE (“IRS”) IS MORE DANGEROUS THAN EVER NOW. IF YOU ARE A U.S. TAXPAYER AND YOU OWN OR HAVE AN INTEREST IN ANY FOREIGN BANK ACCOUNTS, YOU NEED TO READ THIS. -
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A. Antonio Tomas, Esq. is Board Certified in Tax Law & Criminal Trial Law
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IRS Increases OVDP Offshore Account Penalties
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