Have a Tax Question? Ask a Tax Expert
Are you indebted to them for past taxes? Is this for a personal tax return or business tax return?
If you owe back taxes to the IRS they are allowed to do a number of things to collect that money, including putting a tax levy on your bank account. BUT you do have some options for help get relief. If the amount you owe them is substantial and you cannot afford to pay them in full, you can try submitting an Offer in Compromise to reduce the amount you owe them. You can also try to negotiate a short term deferral until you can afford to pay them and you can also try to negotiate an installment payment plan so that you can pay your taxes over a longer period of time instead of all at once.
Your best bet at this point would be to consult a tax attorney as soon as possible who can help you with these options, and try to get the levy lifted from your bank account while trying to negotiate with them.
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