bank account with no credit check
You have just come from the bank and have found out that you have a levy on your bank account. This can be a devastating thing. You have probably already discovered what kind of trouble this will make in you and your family’s life. You are asking, What do I do now, will there be a credit check ?”
There are many reasons why the IRS would put a levy on your bank account. Here are a few:
o You have unpaid taxes to the IRS
o You have not filed some tax returns
o You have recently moved and your IRS notices have not been received
o You defaulted on your Installment Agreement with the IRS
The IRS uses levies as a way to punish you, the taxpayer, for not paying your taxes. A Notice of Levy will be served to your bank and is attached to your account. The IRS can take all of it. The good news is that the bank does not have to give the money to the IRS for 21 days. The 21 days starts with the date on the levy. Act quickly. You need to make arrangements with the IRS regarding your taxes before this waiting period is up. Remember, you will not be able to use the funds in your account until the IRS releases the levy.
Release of a Bank Account Levy
The release of a levy is not an easy task especially when it comes to bank accounts. One of the following will have to occur:
o Your taxes are paid in full or you make arrangements for an Offer in Compromise or file for bankruptcy
o You show that the time limit for collections has expired. This is usually 10 years from the date of assessment.
o You can prove to the IRS that the release of the levy will facilitate collection of the taxes.
o An Installment Agreement is reached with the IRS.
o You will experience a financial hardship without these funds.
o Your bank account amount exceeds the amount owed to the IRS.
You should be able to figure out a way to put yourself in one of these categories. Contact the IRS officer who signed the levy notice. If this does not work, make an appointment with his manager. Provide the information necessary, make arrangements to pay your taxes, or ask for an appeal.
Eiffel 65 – Too much of heaven