Date post: | 14-May-2015 |
Category: |
Economy & Finance |
Upload: | ameripride-tax-group |
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Bank Levies
888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
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
www.AmeriPrideTaxGroup.com 888-265-3418
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) .
www.AmeriPrideTaxGroup.com 888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
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.
www.AmeriPrideTaxGroup.com 888-265-3418
About AmeriPride Tax Group
AmeriPride Tax Group represents individuals and businesses in tax
matters.
www.AmeriPrideTaxGroup.com 888-265-3418
Don’t Delay … Get Help Today
888-265-3418
www.AmeriPrideTaxGroup.com