Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your accounts receivables. At this point everything you own would be just one short step away from becoming the property of the United States Government.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. With a Federal Tax lien on your record you can’t get a reasonable loan to purchase a car. Think about paying 18-22% interest on a car that is already too expensive. You definitely cannot buy or sell any Real Estate.
Levies can really do a lot of damage and even ruin your life. A levy is the IRS’s way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, automobiles, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding your bank account has been cleaned out. The IRS can take every dollar. If the amount levied did not cover your total tax liability, they can keep levying more of your money until your tax liability is paid in full, including interest and penalties. The IRS knows that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don’t care! Their sole objective is to collect the taxes owed. Period.
We can help. We are often able to get those levies released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew.
Sometimes a worse scenario is experiencing a wage levy (or garnishment). Let’s say, you received a notice of “intent to Levy” 30 days ago and you forgot or ignored it. Now it’s Payday. Expecting a check, you open the envelope and find that the IRS has taken most of your money. What’s left is not enough to pay the rent, car payment, buy groceries, or pay the rest of the bills. This action will continue on every check due you, until the tax owed is paid in full.
Now you’re in big financial trouble. No matter how hard you plead, your employer can not give you your money. Once a wage garnishment is filed, your employer is required by law to collect a large percentage from each of your paychecks for the IRS.
We can help. We can negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fears of future wage garnishments. It’s not as embarrassing and we can often negotiate a payment that is lower than the wage garnishment for you
A seizure is when the IRS pulls out all the stops by seizing your assets, and selling them at auction. It could include everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
Unlike the levy which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
A Seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. Don’t think they won’t. Many a newspaper or television show has reported stories of citizens being forced out of their homes after it was sold at an IRS auction, often for as little as half its value.
When the IRS seizes your assets they will sell them quickly at auction. They often get less than half your asset’s value, so they must often seize twice as much as needed to satisfy your tax obligation. If the seizure does not satisfy the debt, then you are still responsible for the balance due.
Are you having problems with the IRS?
We’re here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discrete. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest added each day.