Freeze Your Assets
The next logical step is for you to hire a professional tax resolution firm and set up a payment strategy with one of their experienced tax attorneys to pay off the debt in full.
Remember that the IRS has the power to collect unpaid taxes by seizing your personal and/or business assets. This can be done against your will if you do not act immediately or at least attempt to resolve your tax debt with a sense of urgency.
Your income. Personal property. Even your Social Security. The IRS can and will possess any asset that you own, ranging from income and property to retirement and pension. Of course, this is worst case scenario…
Typically the IRS will first file a tax lien on your property which stakes claim and gives them priority over other creditors. Seizing of assets is always a last resort. Wage garnishment is another way the IRS collects unpaid taxes. Money is automatically deducted from your pay check and put towards paying off any outstanding debt. A bank levy can also be placed on existing savings, checking and offshore accounts. In addition, the IRS reserves the right to take funds from future tax returns and any federal or state tax refunds.
Rest assured, however, that a professional tax resolution firm and experienced tax attorney will help you negotiate a tax debt reduction with the IRS and avoid seizure of assets.
Contact us today!