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Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse or your company. At this point everything you own is just one short step away from becoming the property of the United States Government.
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home. With a Federal Tax Lien on your record you can't get a reasonable loan to purchase a car. You definitely cannot buy or sell any real estate. The list is endless.
Levies can do a lot of damage. A levy is the IRS's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, autos, stocks, bonds, boats, paychecks and even Social Security checks!
As bad as that is, a worse method is a wage levy (or garnishment). That's when most of your pay check goes to the IRS, leaving you little to pay your bills since most of your check goes to the IRS each and every payday until the debt is paid.
If that doesn't accomplish what they want, they'll seize your assets, and sell them at auction.
Unlike the levy, which involves intangible assets such as your bank account, a seizure is the taking of physical assets, such as your home or car. Seizures usually happen in aggravated cases when someone ignores many requests by the IRS over a long period of time to pay their outstanding taxes.
A seizure should not be taken lightly. The IRS will ultimately pursue seizure of your physical assets. When the IRS seizes your assets they want to quickly sell them at auction. They often get less than half your assets value, so they often seize everything you own including your home, cars, boats, jewelry, motorcycles, insurance policies and even your retirement funds.
If you've received an IRS seizure notice, it's time to act now!
Count on us to set up a payment plan and we may be able to get your tax penalties removed.
Smith, Nale & Company, Inc.
Certified Public Accountants | 327 North Main Street, Punxsutawney, PA 15767 | Phone: 814-938-3555 | Fax: 814-938-3553 | firstname.lastname@example.org