Can the IRS Take Money Out of Your Bank Account? IRS Bank Levies Explained!
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- Опубликовано: 31 июл 2024
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The IRS can take money out of your bank account via an IRS bank levy. Yes, this is true whether you have a checking account or a savings account! However, there are certain rules and legal requirements the IRS must follow and adhere to before it can legally take money out of your bank account. I explain all of these things in this video. I also tell you what you can do to STOP an IRS bank levy once it's been served to your bank!
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Table of Contents:
0:00 Can the IRS Take Money Out of Your Bank Account?
0:48 How to Know if Your IRS Bank Levy Is Proper or Improper
2:30 First Notice IRS Must Give You: Notice and Demand Under IRC § 6303
4:21 Second Notice IRS Must Give You: Notice of Intent to Levy Under IRC § 6331
6:49 Third Notice IRS Must Give You: Notice of Opportunity for Hearing Before Levy Under IRC § 6330
8:24 Should You File a CDP Hearing After Receiving the Letter 11 or Letter 1058?
8:46 CDP Hearing vs. Equivalent Hearing
10:02 Giving You Proper Proper Notice Is a Legal Requirement the IRS Must Meet Before Levying You
10:41 How Does an IRS Bank Levy Actually Work? What Happens?
10:54 IRS Form 668-A(c)(DO)
12:08 The IRS Can ONLY Levy the Amount in the Bank Account When the Levy Was Served!
13:57 The 21-Day Rule
14:43 Determine How Much Is Actually Seizable
15:09 Get a Point of Contact's Fax Number
16:11 Develop Your Plan of Action and Get Into a Resolution!
#irstaxes #taxdebt #taxrelief
Thank you so much for this video! Very well explained and now I feel confident that I can articulate that the IRS has Improperly levied out bank account. NO notices received whatsoever. & I have called twice now to see about setting up a payment plan. I was told I was not able to yet because our taxes have STILL not been processed. We filed the day we were able to. I applied for installment plan and was told that was a "pre-qualification" and was void because our taxes aren't even processed. The same day I spoke with IRS our bank was levied.
We already knew they could this is really a no brainer question
Thank you so much mr.logan for enlightenment on bank levy., more especially can irs take money from my bank account.
So your money is not your money in the bank
The IRS asked us to file Consent to Extend 872 with an expiration over a year and 4 months from the examination report. Did we extend their 60 days to send the CP14?
No bank account is safe.
Allec, your message absolutely right. As it already happened with my IRA account. IRS appointed a custodian for my IRA account..So what shall I do claim my IRA account? Please help! I'm from Solomon Islands. Taxes in US is different.
YEPO, it happen to me about 10 years ago...for 500 bucks,,,,they kept sending me a notice saying mistake on my taxes from 6 years before, line this line that,,, I even wrote a letter to them to expaline to me what it was for...all they said mistake on my takes on some line...and BAM they took the money out..plus my bank charged me 100 bucks for that
They took our money after 4 days that we filed the income tax, and the person who helped us he didn't notified us that we were going to pay money back.
If I have a business bank account but owe personal taxes and get the final levy notice can they take money from my business account?
how does the IRS know where you bank though? I had my bank levied upon by the IRS. I never gave them my banking information. I never received a 1099 from my bank, as my account doesn't gain much interest, so I cannot imagine that the IRS received a 1099. Does the IRS simply call or write banks where you live to find out where you bank? Can the IRS simply put your Social Security Number in some type of computer database to find where you bank? very strange
About 10 years ago irs took my money from my bank account since then i dont have any bank account.how long they go whit that leevy?
Hi Daniel. I answered your question in this video: ruclips.net/video/Sg5qO_qJQis/видео.html
The IRS been taking money out my account for 2 years now 500 a month when will it stop and they found back from 2021 they said I was suppose to get 3600 back and they sent a letter to me saying they took my return took the 3600 and then charged me 900. So now for past 2 years they took like almost 20k from me and I didn't get a notice they keep taking money out of my account for 2 years now how do I stop that
Hi Ray. Here are some thoughts: ruclips.net/video/gcZhJ2LhuSY/видео.html
@@LoganAllec Tha ks for being nice an awesome I appreciate your info. I'm on phone with the. Now. I don't think it a scam cause same number every week. But I found an annual installment letter they sent me and it says I owed 8,936 from 2022. So maybe they started taking money for my account cause I never followed through with them. But now they took too .much it much more then 8,936, but then I look back at 2021 and their was 10,000 I think so it should be close to being paid off. I think this all started during pandemic we were allowed to take money from our annuity without penalty so there are taxes from that I think. I'm a union worker in NYC
irs gave me a refund. $150.
Congrats!