Have you been notified that your bank has received a Notice of Levy-Form 668-A from the IRS and your bank account is frozen. If you owe the IRS back taxes they will issue a tax levy in an attempt to collect unpaid taxes.
Your bank is required to hold the money in your account for 21 days and then send it to the IRS. The 21 day period allows you time to negotiate with the IRS for the removal of the bank levy. The IRS may allow a full or partial release of the bank levy.
In order for you to secure a removal or release of the IRS bank levy all of your tax returns must be filed up to date and you must have an alternative solution to resolve your unpaid taxes such as an Installment Agreement or Offer in Compromise.
We recommend you contact a tax resolution specialist at East Coast Tax Consulting Group to resolve your IRS tax problems such as a bank levy.