what can you do?
2006-06-27 13:10:56 · 12 answers · asked by SuperGirls™ 5 in Politics & Government ➔ Government
One method for IRS to enforce collection for owed back tax is to put a levy on an individual's bank accounts. Generally, the IRS Collectors, also known as Revenue Officers would have sent you IRS notices, or making calls for payment due, or other methods to contact an individual for Tax payment. Either intentionally or unintentionally, if the notices are ignored, the IRS will initiate the collection enforcement. On of the process is the Bank Levy. By the time a levy is put on an individuals bank account the IRS is already in the latter part of the collection process.
The whole process starts when IRS sends notices to all financial institutions that you bank your money with. The IRS sends a notice of Levy to an individuals bank with the amount of back taxes owed. This notice requires the banking institution to freeze all funds in the account for 21 days from the day the levy was received.
Thus, the tax payer has 21 days to speak to IRS to release the funds. Once the 21 days are expired, the funds are sent to IRS with no hope of recovery.
IS THERE A WAY TO STOP A BANK LEVY ?
Yes, the best method is to contact a qualified Tax Relief Service professionals who are familiar with the process. Perhaps a tax attorney, and they do not have to be in your state or city.
2006-06-27 13:14:16 · answer #1 · answered by mz_elegant_1 3 · 5⤊ 1⤋
absloutely
BUT the IRS is very liberally in terms of working out a debt
if you owe them money you CAN settle pennies on the dollar
but FILE ALL YOUR RETURNS even if you do not have the money
dont worry the not filing part is what the will hammer you on
trust me..they are way under staffed cannot pursue everything out there ..the usually go after the 100k+ crowd first
2006-06-27 20:15:19 · answer #2 · answered by Scanless1999 3 · 0⤊ 0⤋
Yes they can. It's called a Levy, and usually they're on for 60 days unless you work with them, and a bank cannot release the lein until they receive the clearance order from the IRS.
2006-06-27 20:14:59 · answer #3 · answered by Dark Syder 1 · 0⤊ 0⤋
Yes! Because you are required by law to pay taxes on the money you earn. Contact the IRS and they will guide you with the proper steps needed to get back on track. It really isn't as bad as you might think. The people with the IRS are tax payers just like me and you!
2006-06-27 20:18:09 · answer #4 · answered by MotherNature 4 · 0⤊ 0⤋
FYI
You do not slide tackle your opponent inside your own goal area it is not a wise idea...
FYI part 2
the person was making a referrence to past games italy has won not current
2006-06-29 02:46:55 · answer #5 · answered by thx1176 2 · 0⤊ 0⤋
They can take the shirt off your back and your pants too! You can keep a barrel handy so you got something to cover up with!
2006-06-27 20:13:08 · answer #6 · answered by MC 7 · 0⤊ 0⤋
Yes even take ss and ssi
2006-06-27 20:12:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes they can. And pay them.
2006-06-27 20:12:28 · answer #8 · answered by ? 6 · 0⤊ 0⤋
yes, get an attorney
2006-06-27 20:27:49 · answer #9 · answered by tobinmbsc 4 · 0⤊ 0⤋
yes.......call them!!! all they want is money, let them know your situation and what you can do so they unfreeze your accounts.
2006-06-27 20:15:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋