Release a Frozen Bank Account
When the IRS levies your bank account, it can be a trying time. Most taxpayers do not know the appropriate actions they need to take to release a bank account levy. The IRS tax code is extremely complex, which can make it virtually impossible for someone who does not have tax law knowledge to figure out the process on their own.
How to Avoid Losing Assets
Tax professionals have the knowledge to navigate through the process to prevent a bank account levy, as well as how to unlock a frozen bank account. One opinion a tax professional might take is drafting an Offer in Compromise. This offer will allow taxpayers to settle their debts for less than is actually owed. A tax attorney can assess the individual finances of the taxpayer and decide if he/she would qualify for the offer. If so, the corporation will then draft the offer and submit it to the IRS on the taxpayer’s behalf. If accepted, the taxpayer will then be obligated only to pay the amount that was stipulated in the offer.
Services Provided by a Tax Attorney
Another service that a tax attorney will provide is negotiating on behalf of a client for a bank account levy release. This is a very difficult process and should be handled only by professionals. If a taxpayer tries this on his/her own, they will unquestionably be denied. A professional is able to negotiate because they know the terms, laws, and procedures the IRS follows. With that knowledge, a professional can try to reach an agreement through negotiations. This is a long process, but with a tax attorney fighting for you, the odds of releasing a frozen bank account are greatly improved. The tax professional will keep you up to date during the process so you will know where your expectations should be.
Having a Tax Professional on Your Side
Tax attorneys are also experienced in negotiating with IRS Revenue Officers. By working closely with these officers, they can try to reach an agreement in regards to tax liability and the bank account levy. Most of the time, the frozen bank account will be restored within 24 hours. Tax professionals have worked with Revenue Officers for years, and because of that they are able to present the case to them in a way that will be heard. This makes the chances of a settlement being reached greatly increased. Taxpayers are much more likely to interact in a positive way with the IRS when a tax attorney helps them by maintaining a relationship with the Revenue Officer handling their case.
Tax attorneys are there to take the confusion out of the process. Often, when people are hit with a bank account levy, they do not understand how much is owe and what the penalties are. A hired tax representative can explain the debt to them in a way that is easy to understand. Attorneys will be able to know what caused the debt and how much debt is owed for each of the years. This is essential when you are trying to repay a tax debt. It is important to know how much you owe and why you owe it.