In some cases, IRS can take over your bank account. IRS has some legal collection remedies that are unavailable to other creditors.
One of the collection tools used by the IRS is the authority to seize your bank accounts. This authority of seizing a bank account of tax debtor without any warning is known as Bank Levy. If your account is seized by IRS, you won’t be able to access your own account.
What Happens in Bank Levy?
Once the IRS applies Bank Levy on your account you will face:
You won’t be able to pay your bills
Bank charges will be applied on your account
What you can do?
If IRS applies bank levy, you have a very limited time to release the Bank Levy and get the funds back to your account.
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