As you may know, a levy is a taxing authority’s way of forcibly taking money that is owed. Levies can be issued against bank accounts, wages, tax refunds and accounts receivable among other revenue sources.
In the case of a bank account levy, taxing authorities can seize funds that are intended for payroll. This type of levy occurs when the IRS has contacted your banking institution and requested payment from your account for the liability. There are several sound arguments that 20/20 Tax Resolution can use to obtain a release of levy, have the money returned to you and establish a payment schedule that is manageable for you and/or your business.
Looking at a state levy, it’s important to note that each state has specific laws that it must adhere to. Depending on these laws, a levy can be either a permanent freeze on your account or a one-time strike. And, once the state issues a levy, actions like seizure of your business may not be far behind. By proving that your business needs these funds to remain in operation, we can obtain a release of levy, have the money returned to you and negotiate a manageable payment schedule.
Another example is an accounts receivable levy. After just 45 days of issuing an accounts receivable levy, the IRS has first right to all account receivables. This doesn’t only affect your ability to pay bills and employees, it can ruin your relationship with your clients, not to mention your reputation. With our help, these levies can be released and prevented from happening in the future.
To learn more, give us a call.