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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have a levy on my bank account for 26000 dollars, over 11000

Customer Question

I have a levy on my bank account for 26000 dollars, over 11000 is in interest. is there a way to pay for the judgment without paying the interest?
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

Unfortunately, by law the IRS must charge interest on late tax payments

MyVirtualCPA :

Therefore, the interest must be paid.

MyVirtualCPA :

The IRS can, at their discretion, remove or reduce penalties, but not interest.

JACUSTOMER-by71004e- :

this is not irs related its from ford motor credit

MyVirtualCPA :

Oh okay...your question was posted for tax experts

MyVirtualCPA :

SO I assumed you were talking about the IRS

MyVirtualCPA :

You would have to negotiate with Ford Motor Credit about the interest. If you have a contract to pay interest, then you would have to pay it.

JACUSTOMER-by71004e- :

thanks for nothing and then diconnecting

MyVirtualCPA :

I did not disconnect, I'm still here

MyVirtualCPA :

Our site is having updates today. I will refer your question to the legal section, so that an attorney can follow up

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