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Why Would the IRS Freeze a Bank Account?

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When it comes to payment of taxes due by taxpayers, the IRS is very stringent with regards to getting payment in on time. However, there are people who are unable to pay their taxes on time for one reason or another or who simply neglect to make payment. If you in this type of situation where you cannot pay your taxes when they are due, it is important to contact the IRS or a tax professional in order to come to some agreement or solution, as otherwise you could face penalties that could make life very difficult.

 

One of the things that the IRS has the power to do is to freeze your bank account, and this could mean that you lose access to some or all of the funds that are in your account. This is an action that the bank may take if you repeatedly ignore requests and demands to make your tax payments. If you pay your taxes or come to an agreement with regards to paying them, you can avoid these bank levies but if you simply ignore the demands from the IRS this is one form of action that they may take.

 

When the bank account is frozen by the IRS you will no longer have access to the funds that are in the account, which means you cannot make withdrawals. If there are checks and payments outstanding these are returned as unpaid, as your bank account will be classed as having insufficient funds due to the account being frozen.

Did the IRS Freeze Your Bank Account?

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