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Tax problems solved.
No matter where in the world you are.
by: Claudine Gindel 2016-07-13
Did you know that the IRS can take nearly all of your paycheck? If you have a tax problem, the only way to avoid this “enforced collection” (as the IRS calls it) is to have a “collection alternative.” There are valid ways to negotiate down your debt, or set up a payment plan. Don’t expect the IRS to tell you which is the best choice for you, though. Educate yourself on these programs here, or contact us to schedule a consultation.
Keep in mind, you'll have to get into compliance before you can consider any of these options.
Believe it or not, the IRS does not want to take your home...they don’t like the publicity and it is a lot of paperwork for them. Unfortunately many taxpayers who are avoiding the IRS are giving them no other option. So if you’re running from the IRS — stop! We understand that you’re scared, and you're not alone (trust us - we have actually had attorneys and IRS employees hire us because they haven't paid their taxes!). You can look into a payment program or Offer in Compromise based on your unique financial situation. Some people benefit from filing Bankruptcy, but this is a big decision so contact us first to make sure you're making the right choice.
The IRS doesn’t really want to seize property either, they would rather work out a deal. But they will seize personal property like cars, boats and investment property rather than taking your primary residence. So what should you do? The solution to this dilemma is two fold. On one hand, you have to be realistic -- possessions cannot buy peace of mind. But on the other hand, there are advantageous ways to legally structure your affairs to improve your negotiating position. Call us to schedule a consultation, it's important to educate yourself about all your options.
The IRS will levy bank accounts or even IRAs that have your social security number listed. Think about that. If you have a joint account with anyone (even a dependent child), the IRS is free to levy that bank account completely if you have ignored them. The IRS makes it sound easy to get a levy released:
"Contact the IRS immediately to resolve your tax liability and request a levy release. The IRS can also release a levy if it determines that the levy is causing an immediate economic hardship."
In reality, it's not easy. We're not trying to use "scare tactics" - it's just that in our experience of trying to get levies released we know that negotiating with the IRS calls for many skills. Skills like knowing how to talk to the IRS, how to organize and present the facts in the best light possible for your case, and extreme patience.
If you receive notice that your accounts are being levied, do not delay -- please contact us immediately so we have time to get your (or someone else’s) money back before it is gone for good.
Did you know that the IRS only has a limited time to collect on a tax debt? It's true, and there are ways to use this law to your advantage. You must be careful, though. There are countless stories of people who thought they could game the IRS system and wound up hurting themselves. You need to thoroughly understanding the ins-and-out the IRS debt collection statutes - read more information about CSEDs (Collection Statute Expiration Date) here: IRS Tax Debt Statute Of Limitations: Does One Exist?
A Federal Tax lien is notice to the world that you owe the IRS money. The liens are published in town/city land records or in the country courthouse, depending on where you live. Once you have a Notice of Federal Tax Lien filed against you, you will likely get all sorts of junk mail from”tax resolution” promoters from all around the country (many of these companies are end up going out of business or filing bankruptcy).
The good news is that there are options. If you need assistance, contact us to schedule a free, confidential consultation.
About IRSmedic: Parent & Parent LLP: IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants (CPAs), and EAs who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache and and the least money. Our firm is located in Connecticut, but we serve US taxpayers worldwide in front the IRS, US Tax Court and state revenue agencies.