All of the funds in my bank account are frozen. What is going on?
The IRS has most likely “levied” the funds in your bank account. A Bank Levy is a one-time seizure of funds. If there is no money in the bank account at the time the levy is placed, you do not have to worry. Please contact your bank to check if there is any money in the account. Only the funds that are in the account at the time the levy is placed are affected by the levy. If there is money in the account, it will be held by the bank for 21 days. At the end of 21 days, the funds are turned over to the IRS. If the 21 days have not yet expired, immediately gather all of the documents that I need to release your levy: (1) Power of Attorney, (2) Levy and Wage Garnishment Questionnaire, (3) Notice of Levy, (4) most recent Pay Stub (5) Contact Information for your Bank Representative. Second, take all steps to make sure that you meet all “compliance requirements” (see above). Please be aware that bank levies are difficult to release.
Related Questions
- Due to extenuating circumstances, were going to have to revise a portion of our project. How do we know if NFF funds can be used for the revised project?
- How can I get funds released after my bank account has been frozen by a debt collector?
- Who controls the bank account used for saving funds for creditors?
