Are you facing bank taxes from the IRS? This is something that can mess with your finances. Instead of giving up and letting the IRS continue to collect your money, consider the many ways IRS tax bank levy releases can be cleared.
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Here are a few things to keep in mind:-
Pay the IRS in full. Simply put, the IRS wants their money no matter how they get it. If you don't pay for it, they can use a bank fee to collect it. But once your bill is paid in full, they have no more reason to look for you.
The easiest way to eliminate fees is to send the full amount to the IRS. Even if you have to borrow money to do so, it will most likely be better than borrowing directly from their bank account.
Use deferred payment agreements. Contrary to popular belief, the IRS does not like the bank levy process. This is a lot of work for them. Instead, they prefer to work with taxpayers to find mutually beneficial arrangements.
This is where the payment schedule comes into play. This allows you to pay a small amount each month instead of all the money at once. While you should do this until you get paid, it will help make your bank account go away for a while.
Offer in compromise. Have you ever heard that some taxpayers can pay a dime for a dollar? That they can pay their debts less than they owe? This is known as a compromise proposal. This will allow you to clear your bank taxes without paying them in full.
The main problem you will face is the acceptance of your offer by the IRS. It is estimated that only 10 to 15 percent of offers are accepted. There are several other ways to waive bank fees. This includes challenging taxes, exempting spouses from innocence and ending the statute of limitations.