Resolving tax issues can be a lengthy and complicated process, especially if they’ve been left unresolved for any length of time. One of the hardest things about tax problems is that they don’t stay still or go away on their own—if you owe back taxes, the IRS will continue to charge penalties and interest on that debt.
If you go long enough without paying your tax debt (including the incurred penalties and interest), the IRS has the legal power at a certain point to take your assets—money, property, etc.—in order to satisfy the amount you owe. This is what’s known as a tax levy. The IRS can:
- Take money out of your bank account
- Take possession of and sell your vehicle(s)
- Seize and sell your house or other property
The good news is this is a last resort on the part of the IRS. In general, they don’t want to levy your assets. They would much rather have you satisfy your tax debt by paying them directly or arranging a payment plan.
Before the IRS applies a levy, they’ll send you a “Final Notice of Intent to Levy.” If you receive such a notice, contact a tax professional immediately! They can intercede on your behalf with the IRS and work to find a better solution to your tax debt. In most cases, the IRS will be open to such a negotiation as long as you put into place a feasible plan for repayment.
For IRS levy assistance in Cincinnati and the surrounding area, call Taxation Solutions, Inc. We’re your local resource for tax help in the Cincinnati region. Our team can help you get back on track with the IRS and avoid having your money, property, or home levied. Call us today!