Getting a notice from the Internal Revenue Service (“IRS”) can be scary. If you receive an IRS collection notice, notice of intent to seize (levy), or notice of intent to file a federal tax lien contact a dually licensed Attorney-CPA at Scharar Law Firm, PC quickly in order to minimize potential consequences, including penalties and accrued interest, and to begin the process of working out a settlement arrangement with the IRS. If you choose to ignore the IRS notice and to not pay your tax debt, it can have a negative impact on your credit and could prevent you from accessing a loan for that important purchase in your life. The tax problem will not likely just go away. Inaction could also result in a seizure of your property, a lien or levy filing or wage garnishment among other IRS collection activities.
Luckily, there are steps you can take to ease the burden of the IRS notice, including stopping the IRS from filing a lien, levy or other seizure or having a lien, levy, or seizure stopped. We are able to use our knowledge and experience to terminate IRS collection action through several different legal avenues.
If you’re dealing with an IRS tax lien, consider the following:
IRS Collection Actions Explained
The IRS enforced collection process begins when you fail to pay your tax debt in a timely manner. If a taxpayer fails to pay a tax obligation, the delinquent tax obligation is assessed by the IRS. A notice and demand for payment is then sent to the taxpayer. After a demand for full payment is made, the taxpayer can either comply by making payment, or seek alternative payment arrangements, including, but not limited to, a partial or full pay Installment Agreement, an Offer-in-Compromise, or classification of the account as currently not collectible.
Once the IRS has determined that a taxpayer is not paying their tax obligation, and all appeal rights have expired, the IRS is required to start the involuntary collection action. The IRS has many involuntary collection actions. For example, the IRS can file a Notice of Federal Tax Lien, serve a levy on your wages or bank account, assess a Trust Fund Recovery Penalty, or even attempt to seize your house, car or other property.
When you or your business demands the dual need for an accountant and an attorney, you shouldn’t have to pay for two different, high-priced professionals. The Attorney-CPA’s at Scharar Law Firm, PC combine the knowledge and experience needed to address the critical issues you face from both legal and financial perspectives simultaneously. Contact us today to experience the power of the dual view.