What You Need To Know About When Dealing With An IRS
An IRS is a very devastating thing because it can impact negatively on your business for instance on payments for your workers. The situation usually occurs in the event one defaults payment of taxes and what is left is just for IRS to levy your bank.
If you owe IRS any amount then it is good to act really fast by submitting a resolution to repay them. If you do not act right first time then prepare to have your bank accounts levied. This would become another call for your attention, something you could have dealt with earlier.
What you need to do is understand how it happened. The IRS has a real and substantial due process requirements that they have to meet before they can touch your money. One requirement is that they have sent you several notices and over a long period of time and you have not acted then action should be taken. Their last notice is your last chance to repay your balance when you fail to do so then they are entitled to seize money from your bank. There is a need to respond strongly because things have taken another course.
However, you can still manage and deal with the situation no matter what. See how you can respond to the IRS. Take the issue seriously and act quickly. Go ahead and be in the know of when the bank was levied. This is critical in order to manage your response. Also know how much money was in your account when the levy hit and the amount taken from your account then you will determine what to do next. If the money deducted is different from what you owe them also note that.
The amount in your bank account will be frozen once IRS puts a levy on that amount. The freezing period takes twenty-one days, after which you can be able to rescue your money. You may face challenges with your account, there could be a tight margin since you are running on LLC meaning inflows and outflows from your account would be affected. This issue needs to be rectified as soon as possible.
Once you do so then you will be entitled to get a levy release if you have the right conditions. You have twenty-one days to take the release to the bank so that money is not already sent to the IRS. After that you need to argue with IRS so that they approve it. This is how you can do to deal with the issue.