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Other Asset Seizure
If the IRS is not able to recover unpaid taxes with a lien, then the next step is to levy your assets. Refusal to communicate with the IRS will eventually lead to the possibility of having a lien or levy placed on some or all of your property. A levy is the actual seizure of taxpayer assets by the IRS. This is the final method of enforcement of taxation when all other attempts to collect taxes have failed. This is not a place you want to be!
Other Asset Seizure
If the IRS is not able to recover unpaid taxes with a lien, then the next step is to levy your assets. Refusal to communicate with the IRS will eventually lead to the possibility of having a lien or levy placed on some or all of your property. A levy is the actual seizure of taxpayer assets by the IRS. This is the final method of enforcement of taxation when all other attempts to collect taxes have failed. This is not a place you want to be!
Ignoring the IRS Doesn’t Solve Anything and can Mean
Seizure of All You Hold Dear.
TAX PROBLEM: You Have Failed to Respond to Numerous Requests to Pay Your Tax Bill and The IRS is Going to Seize Your Assets. When the IRS has you in its sights, there are very few ways to dodge the bullet, especially if repeated communication is ignored. When asset seizure is the next step in their collection process, this is as serious as it gets. Seizing your assets is a process which begins by sending you a tax bill. If ignored, the IRS then issues a final notice, usually delivered to you personally, left at the last known address, or sent by registered or certified mail. You then have 30 days to either appeal or arrange payments. However, they can start taking your assets before 30 days if they determine the collection is in jeopardy, and they can even seize a state tax refund.
CONSEQUENCE: If you ignore, the IRS will seize your property and sell it.
If the IRS does seize your possessions, they can do so without taking you to court or getting a judgment from the court. That’s why seizures are a very powerful tool in the collection of taxes and one that taxpayers will do anything to avoid. In a seizure, the IRS is allowed to take possession of a person’s belonging to recoup the amount owed. They will then sell the possessions to redeem the money owed by the taxpayer. The IRS can seize your personal property and real estate, even if it is not in your physical possession.
They can take all your bank accounts, earnings, and wages, any federal pensions, and yes, Social Security benefits, the cash value of any life insurance, personal real estate, even assets transferred to friends or family. For example, if you have a boat stored at a friend’s house, the IRS can take that. At the end of the day, the IRS can take almost everything you own, including your home. You get to keep a few personal possessions, tools of the trade for work, and livestock if applicable. Not a pretty sight, huh?
SOLUTION: Protecting Your Assets From Seizure is a Job For the Professionals at Tax Problem Solver.
When the IRS is breathing down your neck, the quality and ability of your negotiator can mean the difference between a successful outcome and a world of hurt. There are only so many solutions to your tax problem and contacting tax attorney Larry Heinkel and the team of specialists from Tax Problem Solver can find the best one to help you avoid these difficult circumstances and the attendant financial hardships.
With 35+ years of experience, Larry leverages his knowledge of the IRS to create a game plan based on your particular circumstance. With his strength as a negotiator and years of dealing with IRS agents, he’s able to drive down your obligation to the best outcome.
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and Tax Resolution Specialists, Who Work as a Team to Solve Your Problems.
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LARRY HEINKEL, J.D. LL.M.
TAX & BANKRUPTCY ATTORNEY
APRIL SERRANO, E.A., CTRS
President & Partner
Peter R. Lazzari, CPA
Senior Tax Director
Deann L. Wojcicki, CPA
ASSOCIATE DIRECTOR,
CLIENT ACCOUNTING SERVICES
JOE MCDERMOTT, E.A.
FORMER IRS APPEALS OFFICER