A bank levy issued by the Internal Revenue Service is the legal seizure of property in order to satisfy a tax liability, according to Instant Tax Solutions. The Instant Tax Solutions website states that the Internal Revenue Service can levy assets belonging to a taxpayer in default. As well, according to Instant Tax Solutions, the IRS can place a levy against assets in a third party such as a bank or brokerage house. Instant Tax Solutions is a national tax relief group that offers taxpayers help from a team of forty experienced tax professionals.
A levy can be issued by the IRS, says Instant Tax Solutions, if tax has been assessed and not been paid and a Notice and Demand for Payment has been sent. Yet before the issuance of a levy, says Instant Tax Solutions, the IRS will issue a Final Notice of Intent to Levy and a Notice of Your Right to A Hearing will be mailed to the last known address on file. “These notices will arrive with in thirty days of a levy being issued,” points out Instant Tax Solutions.
Most levies imposed today by the IRS are difficult to prevent simply because they are automated, explain the professionals at Instant Tax Solutions. According to Instant Tax Solutions, the most common types of levies are bank account, wage garnishment and social security, as well as asset seizure of personal property.
Reneging on promises made to the Internal Revenue Service, cautions Instant Tax Solutions, could also prompt a bank levy. If a taxpayer defaults on an installment agreement previously discussed with the IRS, then the automated system will begin the process concerning bank levies, explains Instant Tax Solutions co-founder Byron Pedersen. In addition, failing to file past due tax returns as previously promised or failing to pay the amount promised to or negotiated with the IRS will trigger a bank levy issuance, points out the Instant Tax Solutions partner.
Instant Tax Solutions always suggests that a taxpayer deal promptly and openly with the IRS before a levy is issued. “If a taxpayer responds before a levy, it allows for a stronger negotiating position with the Internal Revenue Service,” explains Byron Pedersen of Instant Tax Solutions. Pedersen maintains that taxpayers in default are best served by a reputable tax relief organization like Instant Tax Solutions, one that has been evaluated by the Better Business Bureau. “A reputable tax relief organization can many times work quickly with the IRS to get levies and wage garnishments released quickly,” concludes the Instant Tax Solutions co-founder.
Instant Tax Solutions was birthed out of a vision to join expert tax relief services with an absolute commitment to integrity. With genuine concern for clients and a combined tax relief experience of over one hundred years, the professional and highly educated staff continues to remain current with tax changes. For more information about the assistance offered by Instant Tax Solutions, visit them online at http://InstantTaxSolutions.com.