Naples IRS Bank Levy Attorney
When you are behind on tax payments and owe tax debt, you could face a bank levy. The Internal Revenue Service (IRS) may be able to take a variety of actions to collect taxes that are owed, regardless of the reason that they are unpaid. Whether you lawfully reported all of your earnings but could not pay your taxes, or you intentionally failed to report certain earnings and now owe taxes in addition to related penalties, the IRS may be able to take property you own in order to collect the tax debt you owe. If you are facing any kind of levy from the IRS, it is important to seek legal assistance. A Naples IRS bank levy attorney can evaluate your case today and help you to develop a plan for addressing a bank levy in Florida.
What is an IRS Bank Levy
When an individual taxpayer or a business fails to pay taxes, the IRS can act similarly to other creditors or debt collectors by taking steps to collect what is owed. The IRS has a wide variety of options at its disposal to collect individual and business tax debt, and one of those options is a bank levy. The IRS explains that a levy more broadly is a “legal seizure of property to satisfy a tax debt.” Bank levies are one form of levy that the IRS can authorize, and a bank levy allows the IRS to take money from your bank account or accounts for the tax debt owed.
How an IRS Bank Levy Works
The IRS cannot instantly authorize a bank levy against an individual or a business without first attempting to collect delinquent tax debt and providing notice of its plans to authorize a bank levy. First, before the issue of a bank levy arises, the IRS will inform you or your business of the taxes you have not paid and the tax debt that is owed to the federal government. This information will come in the form of a Notice and Demand for Payment. Once you receive a Notice and Demand for Payment, you should seek advice from a tax lawyer about options for working out a payment plan with the IRS, formally deferring tax payments, or other options in order to avoid a levy.
If you receive a Notice and Demand for Payment and you do not take any steps to work out a payment plan with the IRS or to work out another option, then, the IRS may be able to authorize a bank levy. At this point, if the IRS does plan to levy your bank account, you will receive a Final Notice of Intent to Levy and Notice of Your Right to a Hearing. You will receive this information 30 days before the intended date of the bank levy. At this point, you still may be able to avoid having your bank account levied by speaking with a tax attorney and contacting the IRS to make a plan to pay your taxes.
Contact Ronald Cutler, P.A. for Help with an IRS Bank Levy
Whether you cannot pay your taxes and have concerns about an IRS bank levy, or you received a notice that the IRS intends to authorize a bank levy, an experienced Naples IRS bank levy attorney at Ronald Cutler, P.A. can help.