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• Tax Problem Blog
• IRS Levy Problems
• Can The Irs Really Reach Into Your Bank Account

Can The Irs Really Reach Into Your Bank Account?

Imagine you mailed of off a check for your mortgage payment and then you are notified by your bank that there are “insufficient funds” (ie., your check bounced). Bewildered, you reply “…That can’t be right. I know I had enough money in the account to cover that check…there must be some mistake!…”

In the back of your mind, however, you know that the IRS has been attempting to get you to pay a past due account. The bank rep states, “The IRS has seized the money in your bank account.” After a long pause, the bank representative on the other line says “uh…hello…are you still there?” You manage to eek out “Um…yeah…I’m still here…uh…I need to call you back” “What would you like us to do about the check?” they ask. “…um…I’ll take care of it…uh…just let me call you back”, you manage to get out before you quickly hang up.

Naturally, your mind starts racing, thinking about what other checks you wrote that are now likely to bounce. And, what else is the IRS going to do to you? Are they going to start dipping into your paycheck, too? Will they take your house, your car…everything?

Don’t Think It Could Happen to You? At Gilland Law Firm, we get questions like these almost every week. Have you developed a false sense of security? Maybe because the IRS placed a lien against your property as a “warning shot across the bow”, you think they have forgotten about you and thus haven’t responded. It’s a given a tax lien can ruin your credit and make it virtually impossible to sell your house, but it doesn’t necessarily put a damper on your day-to-day finances. Maybe you can live with it.

The fact is, however, a tax lien doesn’t give the IRS what they really want…the tax money you owe them. And that’s when they start getting nasty…

The IRS Can Take Your Money If You Don’t Give It to Them Voluntarily. If you’ve been notified by the IRS either over the phone or by mail that you owe them, you are free game. That is often all the warning you get.

If after contact, you don’t pay them completely and voluntarily - they have the right to take every penny that you owe from them…one way or another. They don’t have to take you to court or sue you to get their money. If they’ve sent the collection notices and you’ve refused to pay or haven’t paid in full – that’s all they need to do. They can dip straight into your bank account and take your money and they can garnish your wages or salary.

They can take your social security, 401(k) or IRA’s. They can take any money owed to you – like accounts receivable or sales commissions. Plus, they can seize your property: Cars / Boats / Motorcycles/ Homes / Vacation Property / Investment Property.

They do it too. Consider this… from 2005 to 2006, levies increased by 36%. Just ask Christopher Gronski of Rochester, New Hampshire. As the owner of a window-washing company, he sincerely does not believe that the IRS has the right to tax him. The facts are, however, they still levied his bank account and took his money.

Don’t Let This Be You. It’s Not Too Late - Yet. If you’ve already been contacted by the IRS, time is wasting. The countdown has begun and when the count is up…they’ll come for your money. You need serious help - it’s time to contact a tax lien attorney today.