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Recognition

When is it safe to make deposits into my account again after a levy?

Travis Watkins
by Travis Watkins
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Senior Attorney at Travis W. Watkins, P.C. and Creator of taxhelpOK.com

 

A: This one is a matter of personal concern.  Technically, an IRS bank levy is like a snapshot freezing your account only up to the amount of funds in the account for 21 days from the date the bank receives notice of the levy.  Funds deposited after the notice hits are free from the levy (i.e. you can use those funds).  By way of example, say a levy hits your account on the 1st of the month.  Your money will be tied up until the 22nd, when the bank must send the money in your account (up to the amount of the levy of course), unless the IRS releases the levy.  You may still deposit money on the 2nd that you are free to use.

The IRS can issue levies on the account over and over again, and they must do so to reach bank funds.  In other words, bank levies are non-continuing (as opposed to wage levies, for instance).  Good news is that the IRS will rarely re-visit the account immediately following a fruitless levy, unless there is a revenue officer assigned to the case who has information that there are funds available for levy in the taxpayer's account.

As you can see, bank levies are a serious matter.  Don't leave these deadlines and your financial well-being to chance.  Call an Oklahoma tax lawyer today.  Call Travis Watkins at 1-800-721-7054.