Wager Mage
Wager Mage
Photo: Olena Bohovyk
Unfortunately, the IRS can seize your assets if you do not pay your taxes. There are only a few types of assets that cannot be seized. The IRS cannot seize real property, and your car cannot be seized if used to get to and from work. You also cannot seize the money you need for basic living expenses.
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Read More »Unfortunately, the IRS can seize your assets if you do not pay your taxes. There are only a few types of assets that cannot be seized. The IRS cannot seize real property, and your car cannot be seized if used to get to and from work. You also cannot seize the money you need for basic living expenses. However, all of your other assets are fair game for seizure. At Master Plan Tax Solutions, we have a good understanding of what the process of a seizure includes. We know what to expect and how to go about the processes correctly.
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Read More »The legal seizure of your property in order to satisfy a tax debt is known as a Levy. With property levies, the IRS will send a revenue officer to your property. They will begin the seizure with assets that are in public areas, like vehicle in front of your home. They will then request access to private areas. If you give them permission to access those areas, they will take assets from those areas. If you refuse to give them permission to your home or business, they will get a legal document from the courts called a Writ of Entry. This document is similar to a warrant and provides the revenue officer with permission to enter those private areas to take property. If you find that the IRS is garnishing your wages, they will continue to do so until you pay what is owed or the IRS makes the decision to release the levy. While this is happening, they will continue to keep your tax refunds and apply it to the amount that you owe. In order to stop the IRS from garnishing your wages, the taxes that you own will need to be paid or an agreement with the IRS needs to be in place. It’s best to work with a tax professional like our team at Master Plan Tax Solutions to find a solution. At Master Plan Tax Solutions, we have a team of qualified professionals that will assist you with all of you financial needs such as filing taxes and handling levies. If you’re looking for a tax or financial team in Flower Mound, Texas, Master Plan Tax Solutions is here to serve you.
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