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Bank Levies

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The Nightmare Begins

• You’re on vacation and go to the ATM to make a withdrawal only to discover that your bank account is empty … there’s no cash available.

• Your employer deposits your monthly paycheck and you write checks for your bills. Some days later notices from the bank and your creditors come in … the checks were returned for non-sufficient funds. In addition to the levy you now have hundreds or even thousands of dollars in fees.

www.AmeriPrideTaxGroup.com 888-265-3418

The Bank Levy

• A Bank Levy is used by the "enforced collections" department to collect when back taxes are owed.

• Both the IRS and State tax agencies use levies.

• Bank levies are "one time" events that can wreak havoc on a person’s finances and emotions.


The Bank Levy

• Banks may charge a penalty each time the bank account receives a levy.

• Fees could be over $100 for each bank levy.

• Any checks that were written but not cashed before levy is in place will bounce.


The Bank Levy

• An IRS Bank Levy is much more difficult to release than a Wage Garnishment but it can be done.

• The levy can attach to almost any type of account (e.g. savings, checking, etc.).

• While most levies occur on accounts held in the United States, the IRS can sometimes levy accounts held off shore.


The Bank Levy

• Once a bank levy is made on your account, any money that is in the account will be seized.

• If there is not enough money in the account, all money will be removed.

• While withdrawals are not allowed on an account with a bank levy, deposits are. This means that if you have a bank levy in place at the time that your employer deposits your paycheck, this money could be seized as well.


The Bank Levy

• While laws may vary from state to state, certain monies in your account may be exempt, including:• Child support payments• Welfare payments• Social security payments• VA benefits• And more


The Bank Levy

• Monies that are in the account at the time that the bank receives the levy notice are seized.

• The bank holds the funds in suspension for 21 days before send the money to the IRS.

• State agencies have different holding periods (typically shorter) .


The Bank Levy

• If a bank levy has been placed on your account, you may use the holding period of up to 21 days to contest it.

• If you receive a bank levy, you should act immediately.


There is Good News

A bank levy can be released during the 21-day holding period –

but only under certain circumstances.

AmeriPride Tax Group can help you.


Releasing a Bank Levy

• The IRS has special rules and requirements for releasing Bank Levies.

• Specific requirements must be met before the IRS will release a bank levy.

• An experienced, qualified tax professional can help.


About AmeriPride Tax Group

AmeriPride Tax Group represents individuals and businesses in tax

matters.


Don’t Delay … Get Help Today

888-265-3418

www.AmeriPrideTaxGroup.com

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