irs tax questions preparation

The IRS levied my bank account

If the IRS levies your bank account, your bank must hold funds you have on deposit ONLY on the particular day the levy is received by the bank. The bank is required to remove whatever amount is available in your account that day (up to the amount you owe the IRS) and send it to the IRS in 21 days. This 21-day holding period allows time to resolve any issues about account ownership of the bank account and also provides a period of time to negotiate with the IRS for a release. After 21 days, the bank must send the money plus interest, earned on the seized amount to the IRS. So you must act quickly! This type of levy does not affect any future deposits made into your bank account unless the IRS issues another Bank Account Levy.

The levy will end when:

The levy is released, through the help of a tax resolution specialist or by working with the IRS directly, or you pay the tax debt the IRS says you owe.

What can I do?

Represent yourself before the IRS or increase your chances of success by choosing a tax attorney, certified public accountant, an enrolled agent or tax resolution specialist to represent you. There are a number of resources for locating these individuals, including the National Association of Enrolled Agents.

Complete IRS Form 2848 Power of attorney (POA). Without this form, a specialist can do nothing for you. IRS requires this form before they will talk to anyone other than you about your case. Fill in your name(s), address, and Social Security number(s) on page one, then sign and date page two.

What you might need to present to the IRS to verify some of your expenses:

  • Copy of your bank levy, if you have it.
  • Most current pay stub(s) with year-to-date information on you and your spouse
  • Copy of divorce documents. Mainly page one and the page(s) that list(s) alimony and/or child support information.
  • Copy of three months' child support and/or alimony checks. If child support is deducted from your paycheck, then your pay stub will be sufficient.
  • Copy of three months' childcare checks and/or invoices.
  • Support for medical expenses (checks and receipts).
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