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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?
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SInce the IRS freeze your account you won't have access to portion of your money or maybe all your money
all of your money
You will be able to deposit your checks but you won't be able to withdraw money or write checks.
Do they take partial payments or will they wait until there is enough to cover the full amount owed? the answer is:
They will take any money that you have in your account
Basically am I safe as long as I keep my balance under $21,000?
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.
Let me know if you need more help and thank your for your positive feedback!
Most of the time the bank has to wait for the IRS to send a second notice.