My bank account was levied by the IRS. Will the IRS levy all future deposits until it is satisfied or can I continue to make deposits?
An IRS bank levy is not continuous on your account. After the levy is processed, you can continue to use the account and pay your bills. The IRS would have to send a brand new levy to get money out of your account again. You certainly never want to say that my bank account was levied by the IRS again. But this rarely happens because rarely is there any substantial additions to a levied bank account.. As a result, a second bank levy is unlikely to happen in rapid fire succession. Still, caution should be exercised. Your account is clearly active in the IRS collection queue. More importantly, you need to look out for a wage garnishment or asset seizure. Any future deposits that you make are not subject to the levy once it has been processed. An IRS bank levy is not continuous on your account. The IRS would have to send a brand new levy to get money out of your account again.
Do you know IRS bank levy requires your bank to hold the levied funds for 20 days before sending it to the IRS? This gives you a window of time to contact the IRS, negotiate a release of the levy and have the funds restored to your account.
Call - 256-489-1478 for details to resolve your tax problems!
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