Taxes & Bank Account Levies
Can the IRS really take money from your bank account?
If you owe back taxes, the IRS usually implements collection activity which can involve calls, letters or even visits and may also put wage garnishments in place. The IRS also has the option to place a levy on your bank account and appropriate the overdue amount directly. The law does not require that you be notified before your property is seized, which is not the case with operations conducted by any other collection agency. The IRS also has the power to confiscate funds belonging to you from other sources such as your 401K account, your series H bonds, or insurance proceeds that are reducible to cash. They can even raid the contents of your safe deposit box at the bank.
If you do not currently have a solution to settle your unpaid taxes, talk to a Miami tax lawyer at our firm before you discover the IRS has simply taken your money. An insightful attorney can offer advice regarding how best to approach the problem of your back taxes and reduce the risk you are facing in relation to IRS collection activity. If you are already the victim of a levy on your bank account, you should also talk to an attorney, as it may be possible to obtain a release from these and regain control over your finances.
Choosing Miami Tax Lawyer A. Antonio Tomas
At the Law Office of A. Antonio Tomas, P.A., we offer a free consultation to help you discover how we can help with your unique situation. Our firm understands the immense strain a bank levy can place on your life, business and family and will do everything possible to help ease the burden.
Contact a Miami tax attorney at our firm if the IRS has placed a levy on your bank account or you owe back taxes and are thus at risk of having this occur.