Post by myTax Solutions on Mar 17, 2016 22:23:33 GMT
If you have received the “warning” notices and are currently worried about an IRS levy, you may have several questions. The following is a list of several common questions that you may have:
• “Can I just take all of the money out of my account”?
This is probably the most common question that people in this situation have and unfortunately the answer might not be as simple as you might like. One thing is clear, the IRS does not like it when a taxpayer tries to hide money. Moving forward, one should be very careful not to do anything that could be considered to be fraudulent or done purely for the purpose of hiding assets or money. If you make a transfer or take other action that the IRS sees as fraudulent, you may face serious consequences including, but not limited to, the IRS reversing the transaction, the IRS imposing additional penalties, or you could even find yourself as the target of a CRIMINAL INVESTIGATION for tax fraud!
With that said, there is also a lot of grey area. If you received your paycheck this morning and the IRS has clearly stated that it intends to levy against your bank account this afternoon, you have no obligation to rush to the bank and deposit it before the IRS can issue the levy…
Similarly, you may own a business that operates using multiple bank accounts. Imagine that the IRS has told you that they plan to levy specifically on one of the accounts, but not the other…
Put bluntly, you have no obligation or duty to the IRS to make it easier for them to issue or collect on a levy. You can certainly get in over your head very quickly and even face CRIMINAL penalties for taking deliberate action with the sole motivation of making collection more difficult. However, take a minute to consider your situation and keep an open mind. Maybe you’ve been thinking about moving to a different bank or financial institution that is currently offering benefits or rewards for opening a new account. Now might be a good time to consider that promotional offer a little more seriously. Such promotions often provide obvious financial incentives and can be very persuasive advertising techniques when it comes to convincing customers to open a new account…
• “Can I just take all of the money out of my account”?
This is probably the most common question that people in this situation have and unfortunately the answer might not be as simple as you might like. One thing is clear, the IRS does not like it when a taxpayer tries to hide money. Moving forward, one should be very careful not to do anything that could be considered to be fraudulent or done purely for the purpose of hiding assets or money. If you make a transfer or take other action that the IRS sees as fraudulent, you may face serious consequences including, but not limited to, the IRS reversing the transaction, the IRS imposing additional penalties, or you could even find yourself as the target of a CRIMINAL INVESTIGATION for tax fraud!
With that said, there is also a lot of grey area. If you received your paycheck this morning and the IRS has clearly stated that it intends to levy against your bank account this afternoon, you have no obligation to rush to the bank and deposit it before the IRS can issue the levy…
Similarly, you may own a business that operates using multiple bank accounts. Imagine that the IRS has told you that they plan to levy specifically on one of the accounts, but not the other…
Put bluntly, you have no obligation or duty to the IRS to make it easier for them to issue or collect on a levy. You can certainly get in over your head very quickly and even face CRIMINAL penalties for taking deliberate action with the sole motivation of making collection more difficult. However, take a minute to consider your situation and keep an open mind. Maybe you’ve been thinking about moving to a different bank or financial institution that is currently offering benefits or rewards for opening a new account. Now might be a good time to consider that promotional offer a little more seriously. Such promotions often provide obvious financial incentives and can be very persuasive advertising techniques when it comes to convincing customers to open a new account…