If the IRS believes that you have unpaid tax debt, it has a number of effective collection tools in its arsenal. The IRS can file a tax lien against your property, which does not actually seize the property. If the tax lien does not resolve the tax debt, the IRS can issue a levy, which is a direct seizure of property to satisfy tax debt. Levies can cause significant financial hardship for individuals. If you have received a notice of intent to levy, contact a tax relief specialist right away to learn about your options.
Real and Personal Property
If a taxpayer is suspected of failing to meet his or her tax obligations or failing to make arrangements to pay, the IRS can seize various types of personal property that the taxpayer either owns or has an interest in. If your name is on the title to a house, vehicle, or boat, the IRS can seize it and sell it at auction to satisfy the tax debt. However, a tax relief specialist can negotiate with the IRS. For example, the expert might convince the IRS not to seize your car because you need it to get to work.
The IRS routinely places levies on financial accounts to collect unpaid taxes. For instance, the IRS can place a levy on your checking or savings account, even if you need that money to pay bills and living expenses. The agency can also issue a levy through your employer to collect money directly from your paycheck. Other financial accounts that may be subject to seizure include retirement accounts, dividends, rental income, accounts receivable, commissions, and even the cash value of your life insurance policy.
You have the right to representation if you have received a notice of intent to levy. You can call Wall & Associates, Inc. for a free, confidential consultation to discuss your tax debt. Individuals across the country can reach us at (800) 337-6699 or via our website.
If your spouse or former spouse improperly reported income on a joint tax return, you could be eligible for innocent spouse relief. If granted, you won’t be obligated to pay tax debt resulting from your spouse’s errors. However, the IRS can still collect tax debt, penalties, and interest that do not qualify for relief. To learn whether you might qualify for innocent spouse relief, contact a tax relief specialist today.
Conditions for Eligibility
Since it’s in the best interests of the IRS to recover as much money as possible with collection efforts, it’s in your best interests to consult a tax specialist about your eligibility for relief. There are four conditions for innocent spouse relief and you must meet all of them. First, you must have filed a joint tax return that showed an understatement of tax debt due to erroneous items. Second, you must not have known about the understatement when you signed the return. Third, it must be considered unfair to hold you liable for the tax debt. And fourth, you must not be found to have engaged in a fraudulent property transfer scheme.
Definition of Erroneous Items
The first condition for innocent spouse relief eligibility involves erroneous items. The IRS defines erroneous items as any unreported income earned by your spouse or former spouse. Incorrect credits, deductions, or property basis that were claimed by your spouse or ex-spouse also qualify as erroneous items.
Establishment of a Reason to Know
If it is determined that you knew of the erroneous items, you do not qualify for innocent spouse relief. The same is true if the IRS determines you had a reason to know. The IRS considers many different factors to determine this, including your financial situation, business experience, educational background, nature of the erroneous item, and your participation in the preparation of the tax return.
At Wall & Associates, Inc., our tax relief experts have helped many people obtain innocent spouse relief. We will negotiate directly with the IRS to resolve your situation and help you get your finances back on track. To talk with a tax relief specialist today, give us a call at (800) 337-6699.
I would like to take this opportunity to taken you and your co-workers for your knowledgeable and courteous assistance in helping me bring my case before the Internal Revenue Service to an amicable conclusion.
It’s all too common for taxpayers to find themselves owing more in back taxes, penalties, and interest than they can afford to pay, even with an installment agreement. In fact, according to the IRS, more than 90% of installment agreements with them default before completion. This is why tax relief specialists often recommend applying for an offer in compromise (OIC), which can enable taxpayers to pay a reduced amount as a final payment to settle all of their tax liabilities.
A tax specialist can help you determine if you could be eligible for an OIC. Among the steps you’ll need to take, with professional advice and assistance, is to file all of your tax returns. You’ll also have to disclose all of your assets, such as bank accounts, real estate, vehicles, etc.
Wall & Associates, Inc. assists taxpayers across the nation with tax negotiations, including arranging for offers in compromise. Stop the endless cycle of debt by calling us at (800) 337-6699.