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You may receive a notice of a tax levy if you need to pay back taxes. The tax debt you owe can be collected through the levy. Your properties will be seized through the tax levy.
These things need to occur before the IRS can seize your assets: 1) a Notice of Demand for payment is received; 2) refusal to pay; 3) thirty days prior to the levy, you receive a Final Notice of Intent to Levy.
Included as assets that may be seized:
Inheritances
Interest in partnerships
Social Security benefits
Bank accounts, both checking and savings
Your house, vehicle and/or boat
Life insurance
Your income which includes both salary and commissions if applicable
Accounts receivable, contracts, and securities
State income tax refunds
Retirement pensions
Seizure of your properties and a tax levy will be emotionally and financially burdensome to your family, as if IRS problems are not difficult enough.
With the assistance of a capable IRS Problem Resolution professional, you can start to solve your IRS issues today. It's necessary to reply to a tax levy notice. A tax levy can be released and your IRS issues can be solved through many options. The options are:
Settlement of your taxes including the interest accrued and any penalties
Expiration of the statute of limitations
If levy is released, taxes can be collected
An installment agreement is negotiated upon
Dire hardship if levied
Assets levied are proven to be more than what you owe, so part of it will be released
Filing bankruptcy
Offer in Compromise
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