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If the IRS levied a bank account, will the levy proceeds be returned if the taxpayer files an Offer in Compromise?

April 26, 2017bank account files IRS levied levy Offer proceeds RETURNED taxpayer

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If the IRS levied a bank account, will the levy proceeds be returned if the taxpayer files an Offer in Compromise?

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Before the Offer in Compromise is submitted, the IRS will keep all payments and credits made, received or applied to the total original tax liability.