Reading the Fine Print on the Levy Documents

If a levy has been placed on your bank account by the IRS, then you need to make sure that you are fully informed about what the current situation is to prevent future levies. If you have never had a levy placed on you before, then you are likely to be confused about the whole thing. If you are confused about the situation, then you will not be able to handle it appropriately. As such, it's in your best interest to learn as much as you can about the situation by reading your levy documents.

If the IRS intends to put a levy on your bank account, then they are going to notify you of this. Even before the levy is placed on your account, you are going to receive documentation that says this is what is going to happen. You should, first of all, read over this information very carefully. If you understand what is going on before the levy is actually placed, then you may have an opportunity to prevent it from happening at all.

Whenever the IRS sends you any communication regarding your levy, you should make sure that you read it over very carefully. You don't want to miss out on any information and sometimes the information is not always in large print. To know absolutely everything that you can about your levy, you will need to make sure that you read the entire document. If there is some fine print that you can't read, then you will need to get out a magnifying glass so that you can properly look it over. That way, you will be sure to catch everything.

Talking to Someone

If you really want to know everything that you can about your levy, then you may want to get in touch with your financial institution. The IRS is going to have sent them instructions on what to do to your account and why it is necessary. Your bank should be willing to speak with you about what is going on and offer you some advice about how to get back in a good financial situation. Make an appointment with one of your bank's advisors as soon as you can, so that you can start to work things out.

If you want some more help with understanding the fine print on your bank levy documents, then you may want to speak to your financial advisor. He or she is going to be familiar with these types of documents and can help you to understand anything that is going to be confusing to you. If you don't have a financial advisor right now, then you should look into getting one. You can usually find advisors who are willing to give a free initial consultation or at least work out a good payment plan that you can afford.

After reading the fine print on the levy documents, you may want to speak to the IRS yourself. In fact, it's always a good idea to be in communication with them whenever you have back taxes that you owe. The more open and honest you can be about your situation, the better chance you have of finding a solution that does not involve a levy. If you speak with an IRS agent, you may be able to figure out a way out of your situation. You may be able to find a way to pay back what you owe, and this will mean that the assets in your bank account will be yours once more.