Once you receive a Notice of Intent to Levy from the IRS, a bank levy or other enforced collection action is imminent. You need to take action immediately if you want to avoid having the money in your bank account seized and applied to your tax debt.
Notice Of Intent To Levy
The IRS generally has to send you a Notice of Intent to Levy in the mail before seizing your assets. Read this notice carefully, and pay particular attention to the deadline to respond.
If you don’t send a written response and ask for a Collection Due Process (CDP) hearing, the IRS can send a notice to your bank asking them to freeze the funds in your account. You won’t be able to take the money out once it’s been frozen.
Your bank is required to wait 21 days before handing the money over to the IRS. You can still contact the IRS and try to negotiate a release of the levy at this point, so contact a tax attorney immediately.