Whether you keep your money at Valliance Bank in Norman, the Bank of Oklahoma in Tulsa, or another local bank, it can be frightening to realize that your bank accounts have been frozen by the Internal Revenue Service (IRS) and you cannot access your money. But now is not the time to panic, but rather to stop, to think, and to take action to release your bank levy.
Time is Short
The bank will not give the IRS the money in your bank accounts on the day it receives notice of the IRS seizure. Instead, the bank will hold the money for the period of time described in the IRS notice. During this time, you need to take action to convince the IRS to release your bank accounts.
You may be able get the bank levy released by:
- Paying your back taxes, interest, and penalties
- Proving that releasing your bank accounts will help you pay your tax liability
- Entering into an installment agreement that details how you will pay your tax liability
- Proving that the levy is creating a significant economic hardship for you
- Showing that the IRS did not give you proper notice or failed to follow its own procedures
Other solutions that result in the release of your bank accounts may also be possible.
You Need to Take Action Now
If you fail to take action, the IRS may seize the money in your bank accounts at the end of the notice period. Your back taxes may be satisfied, if there is enough money in your account, but how will you pay your bills? How will you survive?
Don’t lose everything without a fight. Instead, learn more about your rights by watching our free videos. Then, get in touch with our office to schedule a free meeting to discuss your specific situation and learn more about your options.