Understanding the IRS Substitute for Return
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
FORM 668A(c)
Form 668A(c), Notice of Levy on Bank Account, is a document used by the Internal Revenue Service (IRS) to collect unpaid taxes. The IRS sends this form to the taxpayer’s bank, notifying them that the taxpayer’s bank account has been levied. This means that the bank is required to freeze the taxpayer’s account and send the funds in the account to the IRS.
Reasons why it happened:
- Unpaid federal income taxes
- Unpaid federal payroll taxes
- Unpaid federal excise taxes
- Unpaid federal estate taxes
- Unpaid federal gift taxes
Options for responding:
If you receive Form 668A(c), it is important to take action immediately. The IRS will typically give you 21 days to respond to the levy. During this time, you can:
- Contact the IRS to discuss your tax debt and payment options.
- File a Form 12153, Request for Release of Levy, to request that the IRS release the levy on your bank account.
- Make a payment on your tax debt.
If you do not take action within 21 days, the IRS will be able to seize the funds in your bank account.
How to avoid it in the future:
- The best way to avoid receiving Form 668A(c) is to stay current on your federal tax obligations. If you are unable to pay your taxes in full, you can contact the IRS to discuss payment options. The IRS may be able to set up a payment plan or reduce your tax debt.
Important Tip: Not sure where to begin? Try our Tax Relief Finder tool. It helps you find IRS programs and gives recommendations for the best solution. Learn about our - Tax Relief Program Finder
Important Tip: Understanding the Tax-Relief process is an essential resource for individuals dealing with tax debt. It offers a road map guide, simplifying the steps needed to resolve tax-related issues- Tax-Relief Process
Ask Mike
You can now ask our AI assistant any questions you have about your tax debt or any tax-related issues. Whether you’re unsure about payment plans, need clarification on penalties, or want information on how to resolve your tax situation. Our AI is ready to assist you with all your tax-related concerns.
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Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
Substitute for Return ( SFR )
Click to ask Mike Ask Mike The Internal Revenue Service (IRS) Substitute for Return (SFR) is a term many taxpayers
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The Three Types of IRS Statute of Limitations
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Disclaimer: This is educational content, not legal, accounting, or tax advice.
