Most Common Situation #2 -- Bank Levies -
by
Jay Freeborne, Enrolled Agent
The bottom line about bank levies : THEY ARE NOT CONTINUOUS. THEY DO NOT LOCK UP YOUR ACCOUNT FOREVER. They are a one-time event, locking up the funds in your account for 21 days from the day that the levy posted.
You are free to deposit money in the account after the account is levied. Some small town banks (maybe 1 in 50 banks) do NOT understand this distinction, and may need to be educated about it. MYTH: a bank levy shuts your account down.
HOWEVER, if you do have money frozen from the bank levy - you can get those funds released. Call the bank and get a fax number so a "LEVY RELEASE" can be sent to them.
For 30 years, WATAX has been solving every kind of tax problem. Call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you.
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