The first thing you should know about when you realize the IRS levied your bank account is that you have 21 days in which you can get the money back into your account, according to the law. During this time period, your bank holds the money before giving it to the IRS, and in some cases it is possible for them to give you it back so long as the IRS agrees. You can contact the IRS to try to negotiate with them should your bank account be levied. Sometimes they will release the money upon negotiation.
You should note than when the IRS levies your bank account it is a onetime deduction rather than something that is continuous (like a wage garnishment). This means that if your bank takes money out of your account because of an IRS levy, you will be able to put money in the following day and it will be entirely yours – neither your bank nor the IRS can touch it.
Of course, it is possible that the IRS may levy your bank account again, but they tend to avoid doing this and don’t favor taking money from the same source over and over again, and they especially are unlikely to levy your bank account multiple times within a small timeframe.
If you find out the IRS has levied your bank account, it is very important to act quickly and to contact them as soon as possible. Time is the most important factor for getting your money back, and the 21 day window period exists for a reason – therefore you should take advantage of it.
