Tax Debt Solutions Blog

Circumstances That Allow You to Get IRS Bank Levy Release Help

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To get IRS bank levy release help, you should first note that there are two main ways you are able to get 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 the 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 gained if it is determined that it will result in some kind of economic hardship if you pay off the levy. “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 pay for these things, the levy will be cancelled.

One of the most common methods of getting IRS bank levy release help is through making an installment agreement with the IRS. You may wish to do this if you owe a lot (especially if you owe more than you have) or if you don’t have a lot of income. How much you will have to pay per installment can vary, but installment agreements are a very good way to get bank levy release help as they can really take the strain off your finances.

5 Ways to Get a Tax Levy Release

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If you are unfortunate enough to get a tax levy, this means the IRS has given you chances but you didn't cooperate with them, or maybe just threw that mail away.  Either way, you will need to work fast to make sure you don't end up with collections coming after your assets.  Here is a small list of 5 ways to get a tax levy release.

1. Pay what you owe.  This is the fastest and easiest way to resolve the situation before any of your assets get seized.  This could cost a lot of money but it may be easier to pay small interest for a bank or other loan so you can handle this right away.

1. Ask the IRS to let you set up a payment agreement.  This is much like the installment agreement the IRS allows but the payments you make will be smaller.  This is a great option to get a tax levy release while still taking care of your debt with the IRS.  Make sure you keep to the payment schedule and don't miss any payments at all.

1. Prove that your assets don't have equity.  If you are already facing hard times and your car is a piece of junk, let the IRS know this.  They won't seize your vehicles if they are old, need severe repairs, or don't run. They don't know the car you bought 2 years ago was destroyed by vandals but a picture will help you get that message across clearly and immediately.

1. Appeal.  Yes, you can appeal the IRS levy right away then you may not have to worry about a tax levy release at all.  Sometimes collectors won't use ethical practices when dealing with you. If you suspect they weren't honest with you, that's definitely grounds for appeal.

1. File Bankruptcy.  This should be a last resort option but this can be a tax levy release by order of the courts.  This isn't a step that should be rushed so make sure you consult your accountant or a tax professional.