Understanding a Bank Levy and What You Can Do About It

If you have unpaid taxes, the IRS may levy, or seize, your assets. This includes levying your bank account. A bank levy allows the IRS to take money from your bank account to pay your tax debt. The amount they can take is limited to the balance of your account. If the funds in your account are not enough to cover the full amount of your debt, the IRS may try to collect from other accounts you have at that bank.

The best way to avoid a bank levy is to pay your taxes on time. If you can’t pay the full amount owed, you can contact the IRS to set up a payment plan. You can also request an extension if you need more time to pay.

If the IRS has already levied your bank account, you can try to negotiate a release of the levy.

The Law Offices of Omar Zambrano has helped thousands of people and businesses on the past to get out of debt and start over.

Our goal is to help you find a fresh start FAST!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706