Can the IRS take money directly from my bank account without warning?

The IRS can levy your bank account, but not without any warning. Federal law requires the IRS to send you a Final Notice of Intent to Levy and Notice of Your Right to a Hearing (Letter 1058, LT11, or CP504) at least 30 days before issuing a levy. However, many taxpayers miss these notices because they moved, the mail was lost, or they didn't understand the urgency. Once the IRS issues a bank levy, your bank must hold the funds for 21 days before sending them to the IRS. During this 21-day window, you can negotiate with the IRS to release the levy by entering into a payment arrangement, demonstrating financial hardship, or showing the levy is creating an economic burden. After the 21 days, the money is sent to the IRS and recovering it becomes extremely difficult. If you receive any IRS notice mentioning 'levy' or 'intent to collect,' contact a tax professional immediately.