IRS bank levy release and IRS bank levy protection| Genesis Tax Consultants, LLC
Genesis Tax Consultants
irs_bank_levy.png

IRS Bank Levy Release & Protection

IRS bank levy release and irs bank levy protection 

 
 

IRS Bank Levy Release & Protection 

irs_bank_levy.png

IRS Bank levy Release & Protection

The IRS collects back due taxes by taking enforced collection by using the levy process.  The vast majority of levies are issued to tax debtors' financial institutions. A bank levy will seize any funds in your bank account (any funds sitting in your account the day the levy is processed by the bank will be affected). The IRS makes about four million levies per year. 

You raise your risks of having your bank account levied if you have a poor history of compliance and oddly, where you live (a person with back tax debt who lives in Los Angeles is six times more likely to suffer a levy than a similar taxpayer in Chicago).  The IRS collects approximately 3% of all taxes owed to the federal government are collected by levies. 

There are strict legal rules in place that must be followed prior to the IRS issuing a levy on your bank, as follows:

  • It must first serve you with a written Notice of Intent to Levy.
  • The Notice of Intent to Levy must be accompanied by a letter explaining your appeal rights.
  • The Notice of Intent to Levy must be given at least 30 days before any seizure is made on your bank account (with the very unique exception of a "jeopardy levy"). 

If the IRS fails to follow due process, you are entitled to a release of all funds being held in your bank account or a return of any funds seized. 

 

Protecting Yourself From a Bank Levy

There are several strategies you can utilize to position yourself to avoid having your bank account levied by the IRS.  A few of these are as follows:

  • Move Financial Accounts. It is not illegal to move bank accounts whenever you owe a tax bill.  The IRS is not automatically notified of taxpayers' financial accounts. 
  • Deposit money into retirement accounts. IRS policy discouraged (but doesn't forbid) tax collectors from seizing retirement plan funds. 
  • File an appeal once you receive the IRS Notice of Intent to Levy Notice to at least temporary stop the levy while waiting to have your case assigned to an appeals officer. 

If you received a Notice of Intent to Levy or your bank account has already been levied please contact me or fill out the form on your right and I will contact you shortly. 
 


 

 

 
Nicholas Hartney, LLC BBB Business Review

Click on image to verify professional license in the IRS Preparer Directory Search: Country: Germany | Zip: 65812 | Last Name: Hartney

Click on image to verify professional license in the IRS Preparer Directory

Search: Country: Germany | Zip: 65812 | Last Name: Hartney



Bank Levy Protection
Please fill out the form and I will contact you shortly with what can be done with your case and my quote.
Name *
Name
IRS Actions *
If missing tax returns, please indicate which type of return(s) are not filed.




➤ locations served

Available for all taxpayers in every state and all Expatriates living abroad. 

☎ CONTACT NICHOLAS HARTNEY, EA

nick@genesistaxconsultants.com
and tell me about your situation. 
 

Areas of Practice


expat tax preparation 

Foreign earned income and housing exclusions for both federal and state income tax returns. Foreign bank account reporting (FBARs), Statement of Specified Foreign Financial Assets, Tax Treaties, Application for IRS Individual Taxpayer Identification Number,etc.


business tax debt representation 

We will file a power of attorney with the IRS and State Taxing Authority to negotiate a hold on all enforcement action such as bank and account receivable levies while we work on an appropriate resolution including Installment Agreements, Company Restructuring, Penalty Abatements, Offer in Compromises, and Currently Not Collectible Status.  We will also advise you if bankruptcy is an option. 


irs and state tax debt representation 

We will file a power of attorney with the IRS and State Taxing Authorities to negotiate an appropriate resolution for back tax debt including Installment Agreements, Penalty Abatements, Offer in Compromises, Innocent Spouse Requests, and Currently Not Collectible Status.  We will also advise you if bankruptcy is a option. 
 


new business entity formation 

We will educate you of the pros and cons of organizing an Limited Liability Company versus a Corporation, S-Corp., Limited Partnership, etc. and assist in the formation of the entity of your choosing.   


previous years tax returns

We will prepare your previous years tax returns to bring you back into compliance with the IRS and State. 


business tax return preparation 

Whether you have a sole proprietorship with a Schedule C or a 1120 Corporate return we will prepare any business return.  

 
 

 
 
The hardest thing in the world to understand is the income tax.
— Albert Einstein, physicist
 
 

 
 
 

Let's Chat

Use the form below to contact us regarding your legal enquiry. Please be as detailed as possible. Include your industry along with any specific document requests. To help us best service your enquiry, we recommend that you first describe the issue you’re having before telling us what you want to achieve. You may also email or call us to make an appointment.

For job opportunities, please email us your resume. We’re always looking for new and exceptional talent to lead the firm into uncharted fields of practice.