If you recently received a Notice of Intent to Levy, then you have 30 days to react and get proactive before the levy strikes. The IRS is required to notify the taxpayer of its intent to levy on your salary, your wages or other property that you own, at least 30 days before the levy. This is announced through a letter 1058 and states that this is the Final Notice of Intent to Levy. Don’t wait until it’s too late, call Internal Tax Resolution before the levy strikes.
What to do if the levy strikes your bank account. When a financial institution, such as a bank or federal credit union, receives a levy on a bank account, it cannot surrender the money until 21 calendar days after they serve the levy.
This gives the taxpayer an opportunity to notify the IRS and try to correct any errors regarding the taxpayer’s account. An extension of the 21 day period may be granted by the Area Director if there is a legitimate dispute regarding the tax owed. Also during the 21 day waiting period the levy can be released. At this point, time is of the essence, call Internal Tax Resolution with questions, concerns and help to release the levy.
