Has The IRS Frozen Your Bank Account?
Tax Attorneys for Frozen Bank Accounts
If the IRS identifies that you owe back taxes, it may freeze funds in a bank account in your name. The IRS will accomplish this by sending notice of a levy to the bank. As soon as the bank gets the notification, funds up to the quantity of taxes that you apparently owe are to be frozen instantly.
After 21 days, the freeze might result in a levy or seizure of those funds unless you:
- Contact the IRS prior to completion of that time period (or an agent with power of attorney for you does so) and
- Arrange to pay the taxes or
- Prove that the funds in the account are not yours to take (for example, if the cash belongs to a family member or somebody else who allowed you to put your name on the account) or
- Show that the IRS is in error
To prevent or reverse the freezing of your bank account funds by the federal government, work closely with a lawyer with comprehensive understanding of the methods of the IRS.
You Need to Take Immediate Action
Once funds have actually been frozen, your relief will come over getting the freeze raised one way or another. If you have not protected a release of the frozen properties within 21 days, the IRS will first seize enough to pay any applicable fines and charges and after that it might take or levy the rest to satisfy your back tax responsibility.
Bear in mind that an IRS checking account freeze will just apply to cash that remained in the account at the time. The account itself will not technically be frozen, most likely. If you add money to a checking account that the IRS has actually frozen, the brand-new deposits must still be functional as usual, but you will not have the ability to use the frozen part of your account up until you please timely requirements. In sum, a checking account freeze by the IRS suggests that a specific amount will not be readily available for withdrawal, up to the total amount of your back taxes or the overall possessions of the account.
Get Personalized Advice From Our Experienced Tax Attorneys
The situations described here are normal, generalized examples and may not match your special scenarios. Whether your case occurred from earnings tax audit, work tax trust fund healing charge, syndicated conservation easement assessment, or other kinds of tax matters, we can deal with you to stop IRS levy. For finest results when the IRS has frozen assets in your bank account, get an experienced tax lawyer’s advice immediately. There is no time to lose. To set up an assessment, call us today.