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InfoTaxes
InfoTaxes, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience:  CTEC and IRS Registered Tax Return Preparer
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The IRS put a levy on our corporation bank account.

Customer Question

The IRS put a levy on our corporation bank account. The state said we owed $1700. as soon as there was a dollar over that amount, the state took it. Now the Federal wants $21,000. I have had checks for $3,000 and I will immediately write a check for most of it and deposit it into my personal checking account. I try to keep the balance under $500. I have a check I need to deposit for $9600. I am worried that Federal will pounce on it. Do they take partial payments or will they wait until there is enough to cover the full amount owed? Basically am I safe as long as I keep my balance under $21,000?

Submitted: 4 years ago.
Category: Tax
Expert:  InfoTaxes replied 4 years ago.

InfoTaxes :

Thank you for using JustAnswer.com I will be more than happy to assist you!

InfoTaxes :

SInce the IRS freeze your account you won't have access to portion of your money or maybe all your money

InfoTaxes :

all of your money

InfoTaxes :

You will be able to deposit your checks but you won't be able to withdraw money or write checks.

InfoTaxes :

Do they take partial payments or will they wait until there is enough to cover the full amount owed? the answer is:

InfoTaxes :

They will take any money that you have in your account

InfoTaxes :

Basically am I safe as long as I keep my balance under $21,000?

InfoTaxes :

If you only have $500 in your account, they will take the $500; since you don't have $21,000 in your account they will take only what you have there BUT your account Levy will stay active, so if later on you deposit $500 again then the IRS may take that money, too.

InfoTaxes :

Let me know if you need more help and thank your for your positive feedback!

Customer: replied 4 years ago.
I have been using my checking account normally
Customer: replied 4 years ago.
I have not deposited any checks for more than $3,000 and I still write checks and withdraw money.
Customer: replied 4 years ago.
Do you know why they haven't taken any money yet?
Expert:  InfoTaxes replied 4 years ago.

Most of the time the bank has to wait for the IRS to send a second notice.

Customer: replied 4 years ago.
If I ask will the bank tell me if they are going to take my deposit?
Expert:  InfoTaxes replied 4 years ago.
You can call the bank and they will tell you for how much is the LEVY and when are they going to start or if they are waiting for a second notice.
InfoTaxes and 2 other Tax Specialists are ready to help you