When you owe money to the Internal Revenue Service, the worst thing you could do is ignore the bill. When you don’t make the necessary arrangements to settle your debt, the IRS may sell or seize your property. The IRS could take anything from you, like your:
- Retirement accounts
- Bank accounts
Usually, people receive many notices and warnings from the IRS before a levy happens. If you get a notice that the IRS is going to place a levy against your property, then you should take action as soon as you can. Your attorney can help you negotiate with the IRS and prevent levies by arranging other methods of reducing or eliminating the debt you owe.
Losing your assets to satisfy a tax debt isn’t something you should have to deal with. It’s important that you know that paying your taxes on time or setting up an installment agreement is the only way that you’ll be sure that the IRS won’t come after your assets. Whether you end up making an offer in compromise or an installment plan with the IRS, your attorney’s goal will be to help you get out of trouble and to prevent you from losing the assets you’ve worked so hard to obtain.
Protect yourself against the IRS, save your bank accounts and keep your personal property safe by learning more about tax laws and how to handle bills that are too high. With the right support, you can negotiate with the IRS and protect your own interests. Our website has more information on bank levies and what you can do if the IRS has threatened you.