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In order to address the bank levy, you need to know the following:
- What date did the bank receive the Notice of Levy? The taxpayer has 21 days to try to get the levy released or modified. After the 21st day, the bank levy expires, as the financial institution has already sent the funds to the IRS.
- How much money is the bank holding? Note that if the bank is holding enough funds to full pay the account or to make a lump sum payment, the IRS will not want to release the levy because they have already attached to it.
- What is the fax number to the bank? You will need to provide the fax number to the IRS to expedite the levy release or modification.
