Q1: Should I take the $ out of my bank account now or try to resolve it on Monday first?
A1: Check your bank balance tomorrow. If your funds are still there tomorrow, for now you are good. However, if the IRS did send a notice to levy the bank account, the bank could receive it tomorrow and freeze the funds in the account. I don't want to tell you to rush and take the money out, but I have had clients that have had their bank accounts drained by the IRS. Coincidence or not, it seems that banks usually receive levy notices towards the end of the week.
Q2: Can they levy after a first letter?
A2: They usually send a Demand for payment notice and if that is ignored, they send a Final Notice of Intent to Levy. If this is your first notice, you're likely okay. The letter is probably a Demand For Payment Notice. SEE BELOW:
We usually levy only after these three requirements are met:
We assessed the tax and sent you a Notice and Demand for Payment;
You neglected or refused to pay the tax; and
We sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy. We may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return
receipt requested. Please note: if we levy your state
tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.