What is a Bank Account Levy or Bank Levy?
A bank levy is one of the most common forms of Tax Levy used by the IRS to collect back taxes owed. The IRS will notify your bank and will send you a notice of intent to levy. You normally have 21 days to release the levy or stop it as your bank will hold funds for 21 days before it releases it to the IRS. The IRS will continue to seize amounts within the bank account until it has taken enough money to cover the taxes owed plus interest and penalties.
