When it comes to discovering creative ways in which to stop a bank levy by the IRS or the State you should remember the age old saying: “prevention is the best cure”. The best way to come out of a bank levy or potential bank levy unscratched is to avoid one all together. If you have found yourself in a position where a bank levy appears to be looming on the horizon, consider some of the methods below for clever ways to release and stop a bank levy by the IRS or the State.
When trying to stop a bank levy by the IRS or the State, time is of the essence. You have 21 days in which to achieve your goal from the date the levy is issued until the IRS will have the money from all of your bank accounts and holdings in their coffers. It doesn’t matter what the money was earmarked for or who else had a name on that account. The IRS will seize it all and may or may not sort it out later. The consequences could mean the loss of your home, defaults on student loans, and all manner of financial disaster for those who fall victim to this punishment issued by the IRS or the State.
The best course of action of course is to pay off your entire tax debt. This will immediately release you of your obligation to the IRS and or the State and the bank levy will no longer be needed. However, if you act before the levy is issued you may find that you can stop a bank levy by the IRS or the State all together by paying even less than you would need to pay once the wheels of the levy are set into motion.
Contact our firm today to see if you qualify for some sort of tax relief, can make payment arrangements, or might make a lesser payment for the total tax debt and still have the IRS or the State forgive the remainder of your tax debts. Action that is taken in good faith is much better than burying your head in the sand and hoping it will go away. The penalty for ignoring the tax problem is usually much more severe than if you tried to make arrangements to release and stop a bank levy by the IRS or the State from the very beginning.
The best thing you might want to consider when it comes to how to release and stop a bank levy by the IRS or the State is procuring the service of an experienced tax professional, like Mike Habib, EA. A qualified and experienced tax professional that specializes in tax problem resolution is your best chance at recovering the use of money in your bank accounts. Though bank levy releases are quite hard, your best opportunity for obtaining one is by having someone with knowledge and training in this matter to take up the argument on your behalf. We might also help you buy time, which in this instance is often the most important asset we can provide you with.
The steps mentioned above will go a long way towards stopping a bank levy by the IRS or the State. When honest people get in over their heads with tax debts, there are options available to help release and stop a bank levy by the IRS or the State. Contact me today and see what I can do for you.