How Do I Stop a State Bank Levy On Bank Account?
A state levy is one of the harshest penalties a person can face for not paying their state taxes. The levy gives the taxing authority the legal right to seize your assets. The state authorities can use the levy against your bank accounts, investment accounts, wages, pensions, insurance policies, and even your physical assets.
If you’ve received a notice of levy on your bank account from your bank, it’s critical that you contact Morris and Associates immediately. A proper response to the notice could delay or even prevent the actual enforcement of the levy.
Failure to act will result in a hold on all funds in your bank account. The state’s levy timeframe for freezing the account before actually sending the state’s funds varies from state to state. The taxing authority may keep filing additional bank levies and withdraw more money every time you add more funds to your bank account. This process will continue until the tax debt is fully satisfied.
Morris and Associates experienced team of professionals can leverage the tools available to prevent the state from seizing the funds in your bank accounts. If we can work with the state on your behalf for a payment arrangement and this gets approved by the state authority, and payments are being made on time, the bank levy could be lifted.
Let us help you determine the best resolution for you. Our goal is to stop an IRS Bank Levy and resolve your tax problem as quickly as possible.
Contact Morris and Associates today for a FREE consultation.