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Page 8 of 14 |
What should be done when the irs freezes the business bank account? |
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The IRS cannot freeze and seize monies in a bank account without proper notice. This is another tactic by the Service to get the business’s attention. The IRS should not be ignored. Once your bank receives a notice of seizure from the IRS, the bank has an obligation to hold the money for at least 15 days before paying it over to the IRS. You must contact the IRS immediately to negotiate either a partial or a full release of your funds. If a notice of intent to levy is received, the business/taxpayer can take immediate steps to prevent the levy entirely. If administrative remedies are unsuccessful, the action may be pursued in the US Tax Court.
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