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Tax Settlement Guides

IRS Bank Levy Release

Owing the government money in the form of tax debt is a very serious matter that can lead to to an IRS bank levy. There would be many people who have tried to get out of paying the IRS their taxes only to find out it eventually leads to an IRS bank levy. Bank levys can have a huge on your personal finances as the IRS will take a large sum of money from the bank account as collection. There are several methods to put an end on the bank levy. The most effective methods for the IRS bank levy release are as follows:

  • Pay the whole debt in full. In addition, also pay all the penalties and interests that are charged. It will get one rid of paying levy from next time. You may be able to contact a IRS tax relief firm to help reduce the amount to be paid. After that, the bank account should be normal again.
  • Think out of the box. Try anything possible to raise the funds to pay off all the taxes. One can use several ideas given below to arrange the funds.
  1. Borrow some money from family and friends. Consider this idea if one is sure that the person would be able to return the amount in future. If there are very less chances of paying the debt then do not take the risk to borrow from them as you can destroy friendship and relationships over financial matters.
  2. Sell some property that is land or other assets. It many include any car that is not in use or old stuff that has high value. One can also put some of the items on sale in many online sites.
  • Enter into a payment plan with the IRS. Internal Revenue Service offers many plans to make an easy payment. The most popular and common plan is installment agreement. According to the plan the person can pay the amount in form of monthly installments. However, to get qualified for this plan one requires having clear credit records. After the acceptance of this agreement one will get bank levy release.
  • The last most effective alternative to get bank levy release is to make an offer for compromise. This offer helps the tax payer to reduce the debt amount as compared to that borrowed in reality. It is compulsory that IRS must accept the offer as in that case one only has to pay the amount charged for the offer. However, there are very few chances that IRS will accept the offer but once it is accepted one must be confident to get levy release.

One must review all the options quickly to remove the tax levy. If one cannot find a way then it is best to seek out the help of an IRS tax professional.