Circumstances That Qualify You For An IRS Bank Levy Release
To get IRS bank levy release relief, you should first note that there are two main ways to be released from a bank levy: if the levy has been paid off – meaning you are no longer in debt to the IRS or if the statutory collection period for the levy has expired. In the later case, if the issue of levy has been served before the end of this expiration period, you will still have to pay – you will only be released from paying the bank levy if you are not served the levy within the statutory collection period.
However, you can get relief from a bank levy in certain other circumstances. IRS bank levy release help can be accomplished if paying off the levy will result in some kind of economic hardship. “Economic hardship” is defined based on the minimum income an individual needs for their basic needs of food, shelter, bill payments etc. If it is determined by the IRS that you will be unable to provide for your basic needs, the levy will be cancelled.
One of the most common methods of getting IRS bank levy release is by making an installment agreement with the IRS. You may wish to do this if you owe a lot, i.e. if you owe more than you have or if you don’t have sufficient amount of income. The amount you will have to pay per installment can vary, but installment agreements are a very good way to get a bank levy release as they can really take the strain off your finances.
