Help Responding to IRS Levies in Coral Gables, FL

An IRS levy is the legal seizure of money or property to satisfy an unpaid federal tax debt. Levies can affect bank accounts, accounts receivable, investment funds, vehicles, business equipment, real estate, and other assets.

Olympus Tax Resolution helps individuals and businesses in Coral Gables and nationwide respond to bank levies and other IRS collection actions. Because levy matters are time-sensitive, taxpayers should act as soon as they receive a warning notice or learn that an account or asset has been affected.

When the IRS issues a bank levy, the financial institution generally freezes the available funds for a limited holding period before sending the money to the government. This period may provide a brief opportunity to request a release before the funds are transferred.

A property or asset levy may involve additional IRS procedures, including notices, valuation, seizure, and a potential sale. The taxpayer may receive several collection notices before the IRS reaches this stage, including a Final Notice of Intent to Levy and information about appeal rights.

Olympus Tax Resolution can review the account, confirm the tax liability, identify applicable deadlines, and determine whether the levy may be challenged or released. We can communicate with the IRS, provide financial documentation, and evaluate whether the collection action creates an immediate economic hardship.

A levy may also be released when an acceptable payment arrangement is established, the debt has been resolved, the collection period has expired, or another qualifying circumstance applies. However, releasing the levy does not automatically eliminate the underlying balance.

Once the immediate action is addressed, a longer-term resolution may still be necessary. Options may include an installment agreement, Offer in Compromise, Currently Not Collectible status, penalty abatement, or another strategy based on the taxpayer’s circumstances.

Waiting until the bank holding period expires or an asset is scheduled for sale may make the problem harder to correct. Call Olympus Tax Resolution at (833) 554-7743 for help responding to an IRS bank, property, or asset levy.