Unlike wage garnishment, bank levy seizes on a one-time basis only the funds in the taxpayer’s account at the time of the levy. Just because it is a one-time event does not prevent the IRS from filing additional levies, nor does it provide much consolation to taxpayers who cannot gain access to funds in their account.
Just as with wage garnishments, relief from an IRS bank levy is available. To get this relief, the taxpayer and his tax professional must act quickly. The bank is required to simply freeze funds in the account at the time of the levy for a period of 21 days. During this time, relief from the levy can be obtained and a strategy developed to resolve the larger issues of the taxes due IRS.
With the help of a competent tax lawyer, resolution of your tax debt is possible before the IRS seizes your property.