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Bank Levies in Chesapeake
Do you have unresolved state or federal tax debts? If so, you could face the possibility of a bank levy in Chesapeake.
With a bank levy, the IRS or state taxing authority can retrieve any unpaid state or federal tax debt from a debtor’s bank accounts. They are not required to obtain a court order and can seize any account funds from savings, checking, money market accounts, and CDs. If there are insufficient funds in the accounts and the full debt cannot be satisfied, any future deposits will also be seized until the entire debt is paid.
How IRS and State Tax Levies Work
Once a debtor’s bank receives a levy notification, their accounts are emptied or seized quickly making it difficult to get the funds back from the government. Once a levy is sent to a bank for unpaid federal taxes, debtors have 21 days to resolve their tax debt before funds are sent to the IRS. States can be even more aggressive at collecting tax debt and only offer 72 hours to resolve tax debt before funds are handed over to the state taxing authority.
The Negative Impact of a Tax Levy on Your Finances
Bank levies can deplete a life savings and keep debtors from accessing their hard-earned paychecks. For families living paycheck-to-paycheck, a bank levy can lead to difficult and challenging circumstances. Once a levy is initiated, debtors cannot access their direct deposit paycheck or savings which makes it extremely difficult to pay current bills. Future bank levies become inevitable.
Because bank levies can lead to severe financial hardships and other repercussions, it’s important to get help from experienced tax professionals at the beginning of the levy process, or before a levy starts. When you work with an experienced tax professional, they can help assess your tax situation, find the best resolution, and negotiate with federal or state taxing authorities for you.
Let Key Tax Group Protect Your Money from Bank Levies in Chesapeake
At Key Tax Group, we’re experienced at helping debtors deal with bank levies in Chesapeake. Our professional tax consultants can help you reach an affordable resolution to protect your paychecks and life savings. If you’ve received a notice of intent to levy, don’t wait, request a free consultation with a tax law specialist at Key Tax Group today.