| If you have been hit with an IRS bank levy you are | | | | you entered into an installment agreement, an IRS |
| probably interested in some ways to stop it. Rest | | | | procedural error was made, the statute of limitations |
| assured, there are many ways to stop the levy. The | | | | has expired on the taxes owed or you want to |
| option you choose should be based upon your financial | | | | discuss different collection alternatives. |
| and tax situation. It is not an easy task to stop a bank | | | | 3. File for an offer in compromise – With an offer in |
| levy so if you are not comfortable doing so, please hire | | | | compromise you can settle your taxes owed for less |
| a tax relief professional. Below are 3 ways to stop | | | | than the total amount. If you file for an offer in |
| the levy. | | | | compromise the IRS will stop collection actions while |
| 1. Setup a payment plan with the IRS – The IRS just | | | | they review your filing. If the IRS thinks you are just |
| needs to ensure that they will receive the money that | | | | submitting the offer as a stalling technique then they |
| is owed to them. If you can secure a payment plan | | | | will not stop collections. If your offer is accepted then |
| with the IRS you will be considered back into good | | | | you will be required to pay the reduced amount of |
| standing with them and they will no longer pursue | | | | taxes owed and you will be considered in good |
| collections through the use of a bank levy. The most | | | | standing with the IRS. If your offer is rejected the IRS |
| common form of payment plan is an installment | | | | will continue collection actions following their decision. If |
| agreement. With an installment agreement you can | | | | you are considering this type of filing it is highly |
| pay back taxes owed in monthly increments over a | | | | suggested that you get the help of a tax professional |
| period up to 3 years. The IRS will not pursue any other | | | | to handle the filing. This filing is tedious and time |
| collection mechanisms as long as you can stay up to | | | | consuming. |
| date with your payments. | | | | When dealing with an IRS bank levy time is one thing |
| 2. Appeal the tax levy – If you feel you shouldn’t | | | | that is not on your side. It is important to act quickly in |
| have received the levy then there is a good chance | | | | order to stop the levy. The best thing you can do is to |
| you can appeal the levy and win. Some common | | | | hire a tax professional with experience in dealing with |
| reasons to appeal a levy would be because you paid | | | | bank levies because they can quickly stop the levy |
| your taxes in full, you are going through bankruptcy, | | | | and buy time in order to settle your tax problems. |