Form 8519

The IRS notifies your bank and you of a bank levy with Form 8519, which is very similar in effect as the Form 668-A(c). The levy is not continuous and only affects the money in the bank on the day the levy arrives. However, the bank will hold the money for 21 days before giving it to the IRS so you have some time to negotiate.

There are various reasons why your account has been levied so your approach to resolution will vary with the situation. In general, to get a release you must be current with your tax filings, disclose your financial situation and arrange an agreement with the IRS – within the 21 days.

Each step in that process has traps and pitfalls to avoid. After you get the levy released, you still need to devise a plan for how you are going to reduce or eliminate this tax debt!

Usually, you must complete Form 433-A or Form 433F to disclose your income & assets to the IRS. This can be dangerous so please follow our TaxHelp Webinars to learn the tricks & traps of completing these forms!

Please follow the Collections Prep Steps and contact Mr. Hopkins so he can prepare an Action Plan for you!

IRS Bank Levy explanation from lawyer J David Hopkins: This is a collections notice from the IRS. It is an URGENT situation & the IRS is hovering around your wages and bank accounts. Many times, this is the first notice taxpayers receive because they didn't know there was an IRS problem. Please follow the TaxHelp Prep Steps and contact J David Hopkins at 719 232 2587 in Colorado Springs, 719 250 0729 in Pueblo or 303 829 4357 (TAX-HELP) in Denver!!

IRS Collection Form 8519 – Notice of Bank Levy