3 Tips from an IRS Tax Lawyer for if Your Funds Get Frozen
If you came home one day to find a letter stating that you owe back taxes to the IRS – What would be your plan of action?
Man people put it to the side and plan on dealing with it later – and don’t. Some even believe that if they ignore it, it will go away. Unfortunately the way it works is if you don’t pay your dues to the IRS, they will have no problem levying your bank accounts. If you are unable to make a payment to the IRS, the best thing you can do is hire an IRS lawyer to help sort out what can be done. Because If you decide to not pay, be prepared to get a levy on your bank account. In the case that this happens to you, here are a few things to know about your frozen accounts.
1. It WILL stop…at some point
A Levy put on your account is enough to make you pull your hair out. But before you go making yourself bald, you should know that they don’t last forever. All levies come to an end. And they are a one-time event. From the day that the Levy is posted, those funds should only be frozen for 21 days. Not very fun – but better than nothing.
2. A Bank Levy does NOT shut your account down
We are here to debunk the myth that once your account is frozen, you can no longer deposit money into it. Not true! Go ahead and deposit away.
4. The funds CAN be released to you
A common misconception of receiving a bank levy on your bank account is that your money is stuck. Although your account may be frozen, you can still get the funds released to you. With a “Levy Release” sent to the bank, you can soon enough get your money back. An IRS tax lawyer, such as Tax Tiger, can help you with the levy release to make sure your money returns to your hands.
If you owe back taxes to the IRS – don’t ignore! IRS tax lawyers can help you avoid a bank levy. Save yourself the stress from the IRS and look into hiring a tax attorney to assist you.
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