According to the professionals at Instant Tax Solutions, there are some facts concerning a bank levy of which every taxpayer should be aware. Instant Tax Solutions was founded to help individuals in need find adequate tax relief. With over forty tax professionals on staff, Instant Tax Solutions serves clients all across America.
According to the Instant Tax Solutions website, a notice will be mailed to the taxpayer if a bank levy has been assessed. However, Instant Tax Solutions also states that many taxpayers initially find out about an IRS assessed bank levy from their bank or employer. Once a bank levy has been assessed, say the Instant Tax Solutions professionals, a taxpayer should immediately contact a tax professional for assistance. Many times, according to Instant Tax Solutions, individuals negotiating directly with the Internal Revenue Service experience less than favorable results.
In addition to a bank levy, the Internal Revenue Service can also levy against Social Security payments and state tax refunds, explains Instant Tax Solutions. Up to 15% of each Social Security payment can be levied, states the Instant Tax Solutions website. As well, adds Instant Tax Solutions, if the home state of the taxpayer participates in the State Income Levy Program, the Internal Revenue Service can levy a state income tax refund.
Clients often ask the team at Instant Tax Solutions how the Internal Revenue Service has knowledge of bank accounts. According to Instant Tax Solutions, banks are legally obligated to report interest earned on a bank account. If a taxpayer has earned interest income on a banking account, explains Instant Tax Solutions, then the Internal Revenue Service will know of the account. Instant Tax Solutions adds that if the taxpayer has submitted an installment agreement in the past, all bank accounts are listed. Instant Tax Solutions also points out that joint accounts are subject to levy. The Instant Tax Solutions professionals explain, “The IRS can issue a bank levy to any account attached to the tax debtor’s social security number, even if the funds are not theirs.”
In conclusion, the Instant Tax Solutions educational site differentiates between a tax levy and a tax lien. A tax levy, states Instant Tax Solutions, allows the IRS to take a taxpayer’s wages to satisfy a tax liability. The Instant Tax Solutions website makes the distinction that a lax lien is a claim against assets that may appear on a taxpayer credit report.
Instant Tax Solutions was birthed out of a vision to join expert tax relief services with an absolute commitment to integrity. With genuine concern for clients and a combined tax relief experience of over one hundred years, the professional and highly educated staff continues to remain current with tax changes. For more information about the assistance offered by Instant Tax Solutions, visit them online at http://InstantTaxSolutions.com.