Orlando IRS Bank Levy Attorney
If you have received an IRS levy, it basically means that the IRS is seizing your property. Some people confuse a levy with a lien, but they have distinct differences. An IRS lien is a legal notice against your property that grants the IRS secured status as a creditor. With an IRS bank levy, it means they are seizing money from your bank account to satisfy some sort of tax obligation you have not paid. When you owe money to the IRS, they will do whatever is necessary to collect that debt. If the IRS is threatening action against you, it’s time to contact an Orlando IRS bank levy attorney right away.
Some people wind up with a bank levy as they tried to evade the IRS by not reporting income or paying their owed taxes. However, many people find themselves in this situation because they made a valid error, or there was a misunderstanding. Don’t panic if you received a notice from the IRS. Instead, contact the law office of Ronald Cutler, P.A., right away. We have over 50 years of experience helping Florida residents with all their tax and IRS related needs.
What is an IRS Bank Levy?
A levy is the legal seizure of your property to pay a debt. In the case of an IRS bank levy, it means the IRS will seize funds from your bank account to pay off whatever debt you owe them. Bank levies are used in a variety of legal cases, including for other types of unsatisfied obligations. There are different types of levies as well, which the IRS can use to secure your property. That includes your home, other property you own, or even property held by someone else, like retirement accounts or wages.
How Does a Bank Levy Work?
It’s important to understand that you won’t suddenly receive a notice one day that your bank account has been emptied or your wages have been garnished. When an individual owes taxes, you will have a warning first. The steps in a levy case include:
- You will receive notice from the IRS that tells you how much you owe in taxes, including late fees, assessed interest, penalties, etc., and when the money is owed;
- If you do not respond or make a payment, the IRS will send a notice that they have requested payment, but you have refused to pay the taxes owed; and
- Finally, you will receive the “final notice,” which must be mailed to you at least 30 days before any property seizure occurs.
How to Avoid a Bank Levy?
No one wants to face a bank account levy. Fortunately, there are ways to deal with this, including methods that can delay or stop the levy altogether. These include setting up a payment plan, resolving your debt, and more. To understand the available options, it’s important to speak with an Orlando IRS bank levy attorney right away. If you need assistance to stop the IRS from seizing your property, contact the law office of Ronald Cutler, P.A., to schedule an initial consultation. Our experienced legal team will work with you to help you understand your options when you’re faced with an IRS bank levy.