IRS Bank Levy

IRS Bank LevyAn IRS bank levy is a legal procedure by which your bank account is completely frozen. A bank levy is different from a normal property lien, which is simply a legal claim as a form of security for any unpaid taxes which you owe. In an IRS bank levy, your entire bank account is simply frozen, completely paralyzing you financially. When the IRS imposes the bank levy, this is a means by which they forcibly correct all of your financial issues. This uncomfortable process usually resolves itself within 21 days.

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During this time, you will be unable to access your funds or withdraw money. The only exception to this rule comes when your account balance is greater than the tax liability. In addition, you lose your ability to make payments via debit cards or checks. At the end of this 21 day period, the bank is expected to give the total amount of your back taxes directly to the IRS. The money will, of course, come directly from your account.

The only way you can escape this bank levy is to convince the IRS that you have no way of paying the tax debt you owe to them within this 21 day period. Proof of such a claim can include a notice of eviction, disconnection of utilities, or property foreclosure. If you cannot produce such evidence, you will simply have to grin and bear it until the 21 days are up.

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