Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

The IRS put a levy on our corporation bank account.

Customer Question
The IRS put a levy...

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
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
2/8/2013
Tax Professional: InfoTaxes, Tax Preparer replied 4 years ago
InfoTaxes
InfoTaxes, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience: CTEC and IRS Registered Tax Return Preparer
Verified

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!

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

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

Ask Your Own Tax Question
Customer reply replied 4 years ago
If I ask will the bank tell me if they are going to take my deposit?
Tax Professional: InfoTaxes, Tax Preparer 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
InfoTaxes, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience: CTEC and IRS Registered Tax Return Preparer
Verified
InfoTaxes and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask InfoTaxes Your Own Question
InfoTaxes
InfoTaxes
InfoTaxes, Tax Preparer
Category: Tax
Satisfied Customers: 262
262 Satisfied Customers
Experience: CTEC and IRS Registered Tax Return Preparer

InfoTaxes is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I received a letter from the IRS stating that I owed taxes
I received a letter from the IRS stating that I owed taxes on money that I did not claim for 2015. However, I did claim it. They are counting it twice. I submitted all evidence that I have to the IRS,… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
I got a letter from IRS stating that they believed I
I got a letter from IRS stating that they believed I submitted incorrect W-4 … read more
abci168
abci168
Principal
27 satisfied customers
What are tax implications when docating small IRS to state
What are tax implications when docating small IRS to state university … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I need to know how to re-file a 2013 federal & state tax. I
I need to know how to re-file a 2013 federal & state tax. I thought it was filed, but I think there was an issue with the state tax.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
We had money to be refunded from both State and Federal on
We had money to be refunded from both State and Federal on AMT tax paid in prior years -- when we did not get it we called the IRS and they informed us our former cpa did not file the proper document … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I need to get a copy of my 2015 state and federal tax. I
i need to get a copy of my 2015 state and federal tax … read more
abci168
abci168
Principal
27 satisfied customers
Two questions on federal tax deductibility: 1. We personally
Two questions on federal tax deductibility: 1. We personally paid legal fees for our manufacturer C Corp. The fees were for assistance in preparing a Research & Development tax credit application. Can… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How can I get an extension to file federal and state taxes
How can I get an extension to file federal and state taxes for 2016 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
How can I get an extension to file my 2016 State and Federal
How can I get an extension to file my 2016 State and Federal Income Taxes? And for how long? … read more
abci168
abci168
Principal
27 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
Triple tax free ny muni bonds are federal,state and city tax
triple tax free ny muni bonds are federal,state and city tax free. is this correct. if a ny resident moves to ct, do they only pay state tax on the ny muni or all three.… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
Can the IRS levy against personal checking account if you
Can the IRS levy against personal checking account if you own a corporation that owes taxes … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I just received a call from IRS, saying I'm under federal
I just received a call from IRS, saying I'm under federal investigation, wouldn't I receive a written notification … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,230 satisfied customers
Income from federal return incorrectly transferred to state
income from federal return incorrectly transferred to state return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
I have been on an Irs federal and state payment plan for
I have been on an Irs federal and state payment plan for years now. I owe money this year on my federal which i cannot pay. i have been taking loans over the years just to keep afloat.. believe this s… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
If a person owes state taxes and federal taxes from 5 plus
If a person owes state taxes and federal taxes from 5 plus years ago and lien is already in place if they get married can the come after a new spouse property? Or wages? In Missouri?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IRS Federal Tax and State taxes: I filed IRS Taxes late as
IRS Federal Tax and State taxes: I filed IRS Taxes late as well as State taxes for 2012, 2013 and 2014 late in 202016. I have not received any response. I am concerned as this was more than enough tim… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x