IRS Levy

[pooterman]

I just received notice of an IRS levy. Would that be why I was unable to cash my payroll check at the bank today? Apparently, according to the bank, an error code kept coming up and they have to wait until Monday to look into it.

I am SO worried! I have some outstanding tax returns all sealed and ready to mail and then I was going to fill in the payment plan documents and send to the IRS - but now this levy on my bank accounts!!!

What do I do? I need my paycheck to live - and I do get a hard copy check. I don't want my employer to find out and I want to set up a payment plan!

[squrlio]

I would assume so. I work for a bank and actually had my account levied from a judgement ( mucho embarrassing!) . If you present that check to the bank again they may confiscate it and apply it toward the judgement. I'd be careful and try a check cashier company of see what others on the forum recommend. Don't cash it at a bank.
In my experience anywhere that uses electronic check verification may do the same thing. Walmart , grocery stores, etc.

[Pjmax]

I would mail those IRS returns ASAP, whether you can pay or not, or just file them online, then call the IRS. Depending on how much you owe, they can be very reasonable with payment plans, but once you set up a plan, don't miss a payment. It's much worse, IMO, to not file.

[PANSYFACE]

If you have an IRS office near you - take the returns there and get them receipted asap !!! Speak to a revenue officer about the levy and payment plan. You will find that most of the time that they will be happy to help you. I was a CPA and dealt with the IRS and state of NJ on a regular basis for clients. The important thing is to communicate with them ASAP. Levies usually are the result of non communication.

[spearmint]

I owe the IRS and my CPA talked to them on phone two weeks ago. I was told my payment plan would be accepted but that he, the man we talked to, could not approve it himself as my file was in process of going to Revenue Officer. Now today I received a certified mail slip from them and am worried sick. The man we talked to said I gad no need to worry about having my car taken and that they had bigger fish to fry. I am continuing to make the payments I offered but I am worried about this letter. Could it be some sort of lien notification? Would they do that after I offered a payment plan and even talked to them with my CPA? My CPA told me they do get their wires crossed sometimes but that we would deal with it. I do hope it is not a lien.

[PANSYFACE]

Just get the letter, find out what it says and go from there. No reason to tie yourself up in knots worrying about what it COULD be. Usually, you have a little time to deal with it.