The Internal Revenue Service (IRS) froze my checking and savings accounts. What should I do?

Let’s start with what you shouldn’t do. You shouldn’t panic and you shouldn’t do nothing. We understand that you have bills to pay, that you need to feed your family, and that your money is currently being held. We know that this is terrifying. However, now is not the time to lose control.

Instead, it Is Time to Make a Plan

The Bank of Oklahoma is not going to turn over your money to the IRS on the day you are notified that your accounts have been frozen. However, if you do nothing to stop the IRS, the bank will be required by law to turn over your money at the end of the notice period.

Accordingly, you need to make a plan to prevent this from happening. This will require you to gather the following information:

  • Outstanding tax liabilities
  • Assets
  • Expenses
  • Income

 

It may also require you to work out an alternative plan to satisfy your outstanding IRS tax debt.

Don’t Take Unnecessary Chances with Your Money

Instead, find out about your legal rights and all of your potential options for solving this problem so that you can once again access your money.

Do you know someone who is facing this problem? Do you have friends who may be struggling to pay taxes and make ends meet? Please share this article on Facebook, Twitter, or Google Plus to help your friends get the information they need to make educated and informed decisions.