The Internal Revenue System (IRS) has the power to seek financial restitution by taking possession of a taxpayer’s assets through tax levies. This means that the IRS may seize your bank account, car, or other property without your permission or court order. IRS tax levies can be frustrating and overwhelming, and may negatively affect your financial stability. However, BFG Tax Help is dedicated to providing comprehensive tax problem resolution services that can help protect you from the financial devastation that IRS levies may cause. Read on to discover how IRS tax levies work and how BFG Tax Help can protect your assets.
- What are IRS Tax Levies?
IRS tax levies are enacted as a legal procedure that the IRS uses to collect unpaid taxes from individuals or businesses. IRS tax levies can be either a warning or a notice, and the IRS will typically send a warning before issuing a notice. In general, tax levies are typically levied on funds that you have in a bank account, wages from your employer, or other assets like your car or your home.
- How Do IRS Tax Levies Work?
When the IRS decides to issue levies, you’ll first receive a warning of the impending action. This period gives you time to take corrective measures to address your tax liability. If you don’t take any corrective measures, the IRS may issue a notice of levy and proceed to seize your assets to cover your tax bill. IRS tax levies are generally one-shot deals, and the IRS cannot issue multiple levies on the same type of assets or at the same time.
- How Can BFG Tax Help Protect You from IRS Tax Levies?
BFG Tax Help provides tax problem resolution services that are specifically designed to protect taxpayers’ assets from IRS levies. Our team of tax professionals will work with the IRS on your behalf to protect your assets while resolving your outstanding tax debt. We will first review your tax files and analyze your financial situation to figure out the best plan of action. We can then negotiate a settlement with the IRS on your behalf or help you get relief from your tax debt through alternative means like an offer in compromise. With years of experience and a comprehensive knowledge of tax law, the team at BFG Tax Help can protect your assets and give you peace of mind.
- What Happens If You Ignore The IRS Tax Levy?
It’s never a good idea to ignore IRS tax levies because it can put you in a dire situation. If you choose to ignore the IRS tax levy, you could risk losing your assets permanently. Your bank account, car, or home could be seized, and you could experience wage garnishment. Ignoring the IRS tax levy could also result in damage to your credit score, making it difficult for you to obtain loans or credit in the future. That’s why contacting BFG Tax Help right away is essential to ensure your assets are protected.
In conclusion, IRS tax levies can be incredibly frustrating and stressful to deal with. By understanding the process of IRS tax levies, however, and working with an experienced tax resolution firm like BFG Tax Help, you can protect your assets and resolve your outstanding tax debts. Don’t let the IRS take everything you’ve built, contact BFG Tax Help today and let us work with you on a practical and effective solution.