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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I set up an installment agreement by phone with IRS agent he

Resolved Question:

I set up an installment agreement by phone with IRS agent he said that he stopped a bank levy that was sent electronically 2 days before. So I have an installment agreement being mailed to me, but a levy just went through my bank account on Friday. What happened. He said he had stopped it. What happens from here?
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

The bank is required to hold the money for 21 days to give the taxpayer a chance to get IRS to release the levy and tell the bank to put it back into the taxpayer's account.

You should contact the IRS on Monday and explain the situation to them. If the agent you first spoke to did in fact initiate a reversal on the electronic lien, then that reversal should reach your bank in the next couple of days, at which time the money can be redeposited in to your account.

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