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IRS bank levies can occur at any time. These levies act as monetary seizures in order to satisfy a debt owed to the IRS. They occur when back taxes are owed and have been unpaid. The most important thing you need to know is that there is a limited amount of time to act. LBS Tax can help you in the instance of an IRS bank levy in Chandler, but you must act immediately. Call now (480) 664 – 1249, because time is running out.
Limited time to fight your IRS Bank Levy
The IRS executes a series of steps before a levy is carried out in full.
Written Notification – You should receive written notification informing you of the IRS’s intent to levy your account. This letter will be certified, and this presents you with your first option, a form 12153. This is a great time to contact a Chandler tax accountant.
Form 12153 – When filled out this form requests that the IRS perform a collection due process hearing. This will give you an additional 30 days to make arraignments with the IRS regarding their intent to levy, and must be postmarked to the IRS no later than 30 days after you have received the IRS’s notice of intent to levy your Chandler bank account.
IRS Bank Levy – When the IRS puts a levy against your bank account, the time for action is almost over. A levy request to your bank orders them to freeze your account and send over owed funds. The bank must comply or face legal repercussions. That makes an accountant in Chandler your greatest ally. From the time your account was frozen you have exactly 21 days to make arrangements with the IRS, so time is of the essence.
How can a tax professional help?
There are multiple ways an accountant can combat an IRS bank levy on your Chandler account. One of our experienced accountants will analyze your financial situation, looking at what you owe, what you have, and your income to help you determine the best way to proceed. Options for handling your IRS bank levy include:
Filing old tax returns – The IRS is after one thing when they impose a bank levy on your account, back taxes. Successful filing of your old returns not only put the power in your hands and unfreezes your bank account, it can keep you from paying additional fines levied by the IRS. A tax professional at LBS Tax in Chandler can file back taxes quickly and efficiently, ensuring a successful filing and an end to your levy.
Negotiating payment – When you respond to an IRS bank levy in time, you have many more options at your disposable. An installment agreement with the IRS allows you to make payments towards your balance. These are often reasonable, and scaled based on current income. We can help you explore this option in depth, negotiating with the IRS on your behalf to provide you with a fair payment plan.
Offers in Compromise – In rare instances the IRS may reduce the size of an owed balance. This requires extenuating circumstances that show you cannot repay the owed debt within a reasonable time frame.
Even if an IRS Bank Levy in Chandler has already been carried out and executed against you, it may not be too late. You will not be able to get back the money you have already lost, but you will still have the opportunity to negotiate with the IRS. This will prevent the IRS from issuing future levies or garnishing your wages. Wherever you are in the process of an IRS bank levy in Chandler, call (480) 664-1249 or contact LBS Tax today to find out what your options are, and what an experienced tax accountant can do for you.