Bradenton Bank Levy Lawyer

Bradenton Bank Levy Attorney

Facing a bank levy can be scary and cause you immense financial uncertainty. You can lose money, face a frozen bank account, and be unable to pay your expenses. A Bradenton bank levy lawyer can help you consider options if you don’t have the financial ability to provide for your living needs and also pay the debt.

Work With a Trusted Bradenton Bank Levy Attorney

Bank levies are often placed by state and federal tax agencies, like the Internal Revenue Service (IRS). TaxSmith, LLC, can help you navigate IRS collection actions like bank levies. Our firm has served Florida taxpayers for more than a decade, and we know how bank levies can affect your life. Levies are one of the most serious types of IRS collection actions, and you need to act quickly when you are aware of them.

Our attorneys help explain the financial situation you are in, and advise you on the potential options you have to resolve it. When it’s time to negotiate directly with the IRS, we give you the guidance you need, and we can even deal directly with the IRS on your behalf. We work to actively deal with the bank levy and determine the following steps for your tax debt once the levy is resolved.

Understanding the Basics of an IRS Bank Levy

A bank levy is a type of collection action that the IRS has. It is placed on a bank account, freezing it for a period of time and preventing you from accessing your funds. If you don’t contact the IRS during this time to deal with your tax debt, then the IRS will remove money from your bank account. Depending on the value of your tax debt, this could be all the money in your bank account.

The IRS assessed $17.8 billion in taxes for returns that were not filed on time in 2024 and assessed $84 billion in civil penalties. When taxpayers owe a debt, the IRS takes action to collect it. In 2024, this included:

• Beginning over 639,000 investigations into taxpayers
• Filing almost 197,000 federal tax liens
• Submitting nearly 313,800 notices of a levy to third parties

However, the IRS is willing to work with taxpayers who cannot pay their debt due to financial hardship. The agency helped over 62 million taxpayers in 2024 and entered into 3.4 million new installment agreements with taxpayers, as well as accepting nearly 7,200 offers in compromise. The Taxpayer Assistance Center Office nearest to Bradenton is in Sarasota, on 5971 Cattleridge Boulevard. When you hire a bank levy lawyer, they can represent you during an IRS meeting.

The Process of an IRS Bank Levy

Unlike other creditors, the IRS doesn’t require court approval to levy a bank account for a debt. However, this doesn’t mean the IRS is going to levy a bank account without warning. There are steps that will come before a levy. The process will generally include:

1. The IRS assesses your tax and sends a bill or Notice of Nonpayment
2. You fail to pay the tax
3. The IRS decides to levy the tax if it is significant
4. The IRS sends a Final Notice of Intent to Levy, a Notice of Your Right to a Hearing, and a Notice of Third-Party Contact to a bank, employer, or other third-party that has to be contacted to place the levy
5. Your bank account is frozen 30 days after these notices are sent
6. The IRS removes the funds from your account after a 21-day waiting period

If the funds in the account do not cover your entire liability, then the IRS may place levies on other accounts you have.

During the waiting periods before and after your account is frozen, you need to take action. If the levy and paying the debt will cause you financial hardship, then you need to negotiate the debt with the IRS. An attorney can help with bank levy cases and review options such as an installment agreement or an offer in compromise to resolve your tax debt.

FAQs About Bradenton, FL Bank Levy Law

Can I Dispute a Levy on My Bank Account?

You may be able to dispute a levy on your bank account by contacting the agency or creditor that placed the levy. The IRS commonly places bank levies when taxpayers owe a liability. The release of the levy may be possible if you pay your taxes in full, you enter into an installment agreement, or the levy causes you economic hardship. However, even if a levy is released, you are not released from paying the debt you owe.

How Can You Release a Bank Levy?

The most effective way to release a bank levy on your account is to pay the debt you owe to the creditor placing the levy. If you cannot pay the amount, contact the creditor to discuss other repayment options. Otherwise, the creditor will take the funds owed from your bank account, and may levy additional funds from other accounts if necessary. The IRS is open to negotiating with taxpayers to resolve their tax debt if they can’t pay.

Can the IRS Seize Your Bank Account?

Yes, the IRS can seize your bank account, but this is a last resort. The IRS may use this tactic of collection if you have a high-value tax debt that you have failed to pay for a while despite many attempts to contact you. If there is no other way for the IRS to recover the taxes it is owed, it may place a levy on your bank account and seize all of the funds needed to cover your debt.

How Long Does a Bank Levy Last?

A bank levy does not last long, but once the deadline is reached, this means that the creditor will remove the funds from your bank account. Bank levies that are placed by the IRS first notify the taxpayer of the intent to levy. After 30 days, the taxpayer’s account is frozen, and then there is a waiting period of 21 days. So, 51 days after the IRS notice, the bank levy ends, and the funds are removed.

Hire a Bank Levy Lawyer in Bradenton

Owing tax debt can be incredibly stressful, both personally and financially. Contact TaxSmith, LLC, today and see how we can help you address it, as well as any notice of a bank levy or other collection action.