Did you know that if you don’t pay your taxes, the tax authorities can use your property to pay off the debt? To satisfy an outstanding tax debt, the IRS is legally allowed to levy (seize) and sell your property! This action is taken if you have failed to pay your tax or make arrangements to do so.
If you have long-term unpaid taxes and you have made no attempt to settle your tax problems with the IRS, they can levy your:
- Bank accounts
It’s important to remember that an IRS levy is different from a lien. While a lien is a claim on property (and used as security to ensure the debt is repaid), a levy is the actual seizure of that property.
If you’ve received notice of the IRS’s intent to levy your wages, bank account, or property, you don’t have a moment to lose. Contact Taxation Solutions, Inc. immediately to get our professionals on the job. Once property has been seized, it is very difficult to get back; your best bet is to have our tax help experts negotiate with the tax authorities to come up with an alternate tax settlement solution before the property is seized. Call now!