IRS Tax Liens and Levies
Unfortunately, the IRS can take some very serious actions regarding outstanding taxes. If they notify you, and you still fail to pay, they can go so far as to put a lien on your assets or seize your property in order to collect the unpaid taxes.
A Notice of Federal Tax Lien filed against you means that the IRS is coming after your assets. Most of the time, the only way to get the lien released is by paying the debt in full. If you aren't in the position to do that, don't be alarmed, we are here to help. Fortunately, the IRS is willing to negotiate a solution with tax professionals like the Northern Louisiana CPAs at S. Renee Stadius, CPA.
A levy is a confiscation of property in order to satisfy a tax debt. The IRS has the power to take and sell property (like your car, house, or boat) as well as property that is yours but being held by a third party. Your wages, bank accounts, dividends, rental income, your retirement account and even the cash loan value of your life insurance policy! This is not meant to scare you, but rather to help you understand that "A Notice of Intent to Levy" is a very serious warning given by the IRS and it should be attended to immediately. The IRS will send a "Notice and Demand for Payment" and if the tax is still not paid, they will send a "Final Notice of Intent to Levy" and "Notice of Your Right to A Hearing." After the notice, they can levy your property in 30 days.
S. Renee Stadius, CPA is experienced in preventing liens and levies from affecting your property. Hiring a Northern Louisiana tax accountant assures the IRS that you are working to resolve your tax problems. We can help negotiate a payment plan to pay off your debt or an Offer in Compromise that will preserve your assets.
Give us a call at (318) 699-0357 to learn how we can help you today.