IRS Bank Levy in Tampa Bay
IRS Bank Levy Help for Tampa Bay Taxpayers
If you’ve recently received notice of a bank levy from the IRS, it’s understandable to feel overwhelmed and uncertain about what happens next. Bank levies are one of the most aggressive actions the IRS can take to collect unpaid taxes. At Gulf Coast Tax Solutions, we’re here to help you understand the process and provide guidance on how to resolve the situation.
What Is an IRS Bank Levy?
A bank levy allows the IRS to seize funds directly from your bank account to satisfy unpaid tax debts. Once the levy is in place, your bank is required to hold the levied amount for 21 days before turning it over to the IRS. During this time, you still have an opportunity to resolve the issue and stop the levy from being enforced.
Why Did This Happen?
The IRS typically uses a bank levy as a last resort after other attempts to collect unpaid taxes, such as sending notices and demanding payment, have been unsuccessful. If you’ve ignored previous IRS communications, this could be the result. However, it’s important to know that you still have options, and immediate action can prevent further damage.
What Should You Do?
- Stay Calm and Act Quickly: The 21-day holding period is your window to negotiate a resolution. During this time, the IRS cannot take the funds, so it’s crucial to act fast.
- Contact a Tax Professional: This is not the time to go it alone. A tax resolution specialist, like our team at Gulf Coast Tax Solutions, can review your case, communicate with the IRS on your behalf, and help you explore solutions to lift the levy.
- Understand Your Options: Depending on your financial situation, you may qualify for various forms of relief, such as:
- Installment Agreement: This allows you to pay your tax debt over time in manageable monthly payments.
- Offer in Compromise: In some cases, you may be able to settle your tax debt for less than the full amount owed.
- Currently Not Collectible Status: If you’re facing severe financial hardship, the IRS may temporarily halt collection efforts.
- File Missing Tax Returns: If you haven’t filed all required tax returns, the IRS may have assessed taxes based on estimated income. Filing accurate returns could reduce the amount you owe and even remove the levy.
Avoid Future Levies
Once the levy is resolved, it’s essential to stay compliant with future tax obligations to prevent similar issues. At Gulf Coast Tax Solutions, we can help you develop a long-term strategy to avoid IRS problems down the road, including better tax planning and assistance with staying up to date on payments.
Let Gulf Coast Tax Solutions Help
Facing an IRS bank levy is stressful, but you don’t have to deal with it alone. Gulf Coast Tax Solutions has the expertise to guide you through the process and help you regain control of your finances. Contact us today for a consultation, and let’s work together to find the best solution for your situation.
Unlike most other Tampa Bay tax firms we specialize in Tax Relief.
You’re not hiring someone who occasionally dabbles in this area of practice. You’re hiring the Tampa Bay tax relief specialist who is specially trained and up to date on all the latest tax relief strategies. We are fully prepared to achieve the best result for you.
If you were going through a divorce would you hire a bankruptcy attorney? Of course not, it’s a different specialty! Don’t trust just any accountant to help with a tax problem.
Our Tax Relief Process
Once you become our client you won’t have to speak to the IRS anymore. If they want information or to talk to you they will have to go through us. During the investigation phase we will be gathering information, pulling transcripts, and finding out what the IRS knows about you.
Once all the details are in place we will set up another meeting to go over your resolution options. Keep in mind you may not qualify for every program, and most often we’re not able to tell you which program you will qualify for in the first meeting.
Choose Gulf Coast Tax Solutions for a Bank Levy in Tampa Bay
Opting for Gulf Coast Tax Solutions means you’re not just finding help with IRS bank levies in Tampa Bay; you’re gaining a dedicated partner in your financial recovery journey.
Ola Odewole’s tailored approach ensures your IRS bank levy situation receives the focused attention it deserves, aiming for both immediate relief and long-term financial stability.
His expertise and successful track record in resolving bank levies make him a trusted figure for anyone seeking relief from IRS collections in Tampa Bay.
Embark on Your Journey Today
For Tampa Bay residents facing an IRS bank levy, now is the time to take a step toward financial relief. Reach out to Ola Odewole, CPA, at Gulf Coast Tax Solutions for expert and compassionate assistance.
With Odewole’s guidance, tailored solutions, and unwavering support, you can confidently navigate the IRS levy process and regain control of your financial future.
Get Started with Gulf Coast Tax Soltuions
Start Your Tax Journey with Gulf Coast Tax Solutions
Fill in the form below and we'll contact you to schedule a free case evaluation! During the evaluation we'll discuss your specific situation and create an action plan to end your tax problem!