Educational Tax Tip: Can the IRS Reverse a Levy After Funds Have Been Taken?

Have you ever wondered if the IRS can reverse a levy after money has already been taken from your bank account or wages? In some cases, yes. The IRS may release a levy if it was issued in error, is causing immediate financial hardship, or if you enter into a resolution such as an installment agreement or Offer in Compromise. However, once funds have been sent to the IRS, they are not automatically returned, which makes timing critical. Acting quickly can increase the chances of stopping future levies and protecting remaining assets.

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