I get calls from people sometimes, that have already had bank accounts levied by the IRS. If this has happened to you, you have probably chose to ignore your IRS problem for a long, long time. They send you a number of notices before seizing property. What to do to hopefully get your money released?
Number one, you must be "in compliance." That is, you must have filed all of your tax returns, and if you are self employed or otherwise required to make estimated tax payments, you must be current on those. If you are in compliance, and you can pay the money that you owe soon, you can ask for a short term extension; a short 30-90 days to pay the tax in full.
Or, you may be able to have the IRS release the levy if you enter into an Installment Agreement or Offer in Compromise (good luck- they may still want to keep the money that they trapped in the bank).
Or, if you have other debt problems, or have IRS problems that are too big for you alone to handle, you may want to consider filing a bankruptcy case. By filing a bankruptcy, the IRS has to immediately release the levy. If you are filing Chapter 13, you stay in control of your property, and make a monthly payment to a Chapter 13 trustee to repay the "priority" or "secured" portion of the tax debt.
Generally speaking, if the taxes are more than 3 years old, the "unsecured" portion of the debt may be discharged or cancelled as part of the bankruptcy filing. To review all of your options in dealing with the I.R.S., if you live in the Houston Texas area or surrounding counties, give my office a call at 713-772-8037 and make an appointment to meet with me. There is no charge for your first visit with me to discuss your bankruptcy or I.R.S. tax collection defense problem.