1. Getting the right fax # - your consultant here at Washington Tax Services has probably schooled you in the necessity of getting a fax # for your employer or bank so we know how to get the levy release to. Make sure it is the right one!
2. Following up on receipt of a levy release -- We will illustrate a mishap recently to show the importance of followup. On a Friday - we got the IRS to release a levy to a client's insurance agency thereby releasing $20,000 of funds to our client. We faxed the levy release to the # given to us and then scanned the same form to our client who also faxed it to the same number. He did NOT followup with the agency holding the funds. The next Wednesday - the company sent the $20,000 to the IRS and not to the client. Apparently they NEVER got either of our faxes. You've got to followup with a phone call - is the lesson here, of course.
3. Bank levies: getting the 21 day clock right -- When the IRS freezes your bank account - your bank will hold your funds for 21 days. After that you are dust - the money is sent to the IRS. Recently we released $70,000 to a client. But , whoops - the client was off by two days in their measure of the 21 day period - they were also delayed at getting us info to prepare their returns - pushing us right up to the deadline. The funds were NOT released.