A doubt as to liability Offer in Compromise (OIC) can be used to settle tax debt when there is a legitimate dispute about whether you actually owe the debt. If accepted, you may use a Doubt as to Liability OIC to settle your tax debt for much less than owe, sometimes for pennies on the… [Read More]
Important Notice: Consumer Alert from the Attorney General on “Tax Relief” ScamsWhen Will the IRS Levy a Retirement Account?
The IRS generally only levies retirement account funds when there are no other alternatives. If you don’t have other valuable assets and have failed to cooperate with the IRS, it’s possible that the money in your retirement account will be seized. However, there are many ways to avoid a retirement account levy, and there are… [Read More]
How Long Does It Take to Pay Off IRS Tax Debt?
Factors That Indicate How Long It Takes to Pay Off IRS Debt Several factors will influence how long it takes to pay off your tax debt, including the amount of your balance, how old the tax debt is, and your overall financial situation. You may be able to settle your tax debt relatively quickly if… [Read More]
5 Signs You Need to Contact a Tax Resolution Attorney
When to Contact a Tax Resolution Attorney Tax problems often start small—you’re a little late filing your return or making a tax payment. These issues can quickly become worse because of penalties, interest, and the challenge of paying back taxes and meeting your current obligations at the same time.
What Is a Notice of Intent to Offset?
Notice of Intent to Offset If you receive a Notice of Intent to Offset, your tax refund is going to be seized and put towards debt you owe to the IRS or another government agency. As part of the Treasury Offset Program (TOP), your tax refund checks are matched against any outstanding debts you owe… [Read More]
How Bankruptcy Affects IRS Collections
Bankruptcy and the IR Bankruptcy may temporarily delay collection activities by the IRS. However, some types of tax debt are not dischargeable in bankruptcy, so the IRS may be able to resume their collection efforts once the automatic stay is lifted.
5 Ways to Stop an IRS Levy
How to Stop an IRS Levy When the IRS is about to levy your assets, you should look for any possible opportunities to stop or delay the levy. Once the levy happens, it’s very difficult to get that property back, but there are several ways to stop a levy before it takes place.
When Can the IRS Levy Property Without a Hearing?
IRS Levy Procedures The IRS must follow certain procedures before seizing your property. Typically, that process goes something like this: You receive a notice stating that tax has been assessed and asking you to pay it. You don’t pay or resolve the matter by the deadline. A Final Notice of Intent to Levy is sent… [Read More]
When to Make an Administrative Wrongful Levy Claim
What is an Administrative Wrongful Levy Claim? You can file an administrative wrongful levy claim when the IRS seizes property to collect tax revenue owed by another person and you have a superior right to this property. This typically means you either own the property or have a security interest that was filed before any… [Read More]
What Property is Exempt from IRS Seizure?
IRS Seizures – What They Can’t Take The IRS can seize many different types of property, including bank accounts, wages, and retirement accounts. However, some items are specifically exempt from IRS seizure under federal law.