Can I Use My Bank Account During an IRS Lien?
Ignoring a tax bill can trigger a lien by the IRS. This government agency can place a lien on your property, but if you don't own real estate, the IRS can attach a lien to your personal bank account and freeze your funds.
Bank Account Liens
A bank account lien occurs when a creditor, such as the IRS, claims your account for non-payment of a tax debt. The IRS notifies the bank of the lien, and once your financial institution receives this information, it places an immediate hold or freeze on your funds. With a lien in place, the bank limits your account activity. You can put funds in the account, but you can't make withdrawals.
Lien Process
The IRS does not place a lien on bank accounts without first notifying debtors of the unpaid balance. The IRS sends a correspondence making debtors aware of the debt, and upon receiving this letter, debtors have 10 days to make a payment or contact the agency to discuss payment arrangements. Failure to communicate with the IRS forces the agency to issue a lien on a bank account or other personal property.
Consequences of Bank Lien
Because bank account liens freeze funds in the account, debtors can't write checks or submit payments to other creditors. If a debtor wrote checks prior to the bank lien, and these checks hadn't cleared the account yet, a bank lien by the IRS could result in bounced checks and return check fees. The bank freezes any new funds deposited into the account -- this includes direct deposits by employers.
Resolving Liens
Avoid a bank lien and the frustrations that follow by communicating with the IRS and resolving unpaid tax bills. Once the IRS attaches a lien to your bank account, you can pay or satisfy the tax bill and regain access to your account within 30 days. Another option for releasing a lien within 30 days is submitting a bond and agreeing to satisfy the debt. You can also discuss installment payment options with the IRS or dispute a tax bill if you believe that you don't owe the money.
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