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Ronald Cutler, P.A. Ronald Cutler P.A.
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Miami IRS Bank Levy Attorney

When taxpayers owe a debt to the IRS, the agency has a number of options when it comes to collecting those funds. For instance, taxpayers who fail to qualify for an installment agreement or other repayment plan could end up with a bank levy, which allows the IRS to collect funds directly from their account. Fortunately, it is possible to remove a bank levy, so if you were recently notified by the IRS that you owe a tax debt or your bank accounts were recently frozen, it is important to contact an experienced Miami IRS bank levy attorney who can help you assess your legal options.

What is a Bank Levy?

When the IRS places a levy on a person’s bank account, it will give that individual three weeks to pay back the debt or notify the agency of any errors in the audit. After this deadline has passed, the IRS will freeze the funds in the taxpayer’s account before seizing them. Bank levies are different than liens, which are legal claims against assets that are used to secure payment of a debt. Levies, on the other hand, involve the actual taking of property to satisfy the debt.

Releasing a Bank Levy

There are a number of ways to release a bank levy, including the following:

  • Contacting the IRS and resolving the tax liability;
  • Proving to the IRS that the levy in question is causing an immediate economic hardship;
  • Establishing that the period for collection ended before the levy was issued;
  • Demonstrating that releasing the levy will help a taxpayer pay his or her liability to the IRS;
  • Entering into an installment agreement with the IRS, the terms of which won’t allow the levy to continue; or
  • Proving that the value of the property is more than the amount owed to the IRS and that releasing the levy won’t hinder the agency’s ability to collect the amount due.

It’s important to note that just because a person’s levy has been released doesn’t mean that he or she is no longer required to pay what is still owed, so taxpayers who are granted this relief will still need to make arrangements with the IRS to resolve their debts. Taxpayers who fail to follow up after the release of their levies may only end up with the reissuing of another order.

Appealing a Denied Release

In the event that the IRS denies a person’s request for the release of a levy, the individual can appeal the decision. In fact, it is even possible to appeal a levy before the IRS places one on a taxpayer’s bank account, although it is more common for taxpayers to file a claim after the levy proceeds have been sent to the IRS. If the appeal is granted, the taxpayer’s property will eventually be returned to his or her account.

Schedule a Consultation Today

To speak with an experienced Florida and IRS bank levy attorney in Miami about the levy placed on your own account by the IRS, please call Ronald Cutler, P.A. at 386-490-9949.

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