The IRS, by serving a levy on your bank, can take all of the money in your account. If the IRS has levied on your bank account, you have twenty-one (21) days in which to obtain a release of the levy. If the levy is not released within that 21 day period, ALL of the money in that bank account is sent to the IRS, up to what you owe.
Taxpayer Bounces ChecksOur taxpayer received a call from his bank notifying him that all of the checks he recently wrote had bounced because of insufficient funds. Our taxpayer was surprised that his checks had bounced because there was enough money in his bank account. Our taxpayer learned that the IRS served a levy on his bank account and that the bank was about to send all of the money in that account to the IRS. After retaining Patrick T. Sheehan & Associates, we negotiated the release of the bank levy before the end of the 21-day period. The bank released our taxpayer’s funds and the checks were allowed to clear. Patrick T. Sheehan & Associates also negotiated an installment agreement with the IRS on behalf of our taxpayer where small monthly payments were made until the liability was paid in full, all without the fear of further bank levies. Case Study
A bank levy is financially devastating and immediate action is required. If you are under a bank levy, or have received notice that a levy will soon be served, please call Chicago tax lawyers Patrick T. Sheehan & Associates. We can help. Call Us Before the IRS Calls You!®