IRS Collections Process
Learn more about the IRS Collections Process. If the IRS is after you or your business, we can help in many ways. The most well known is by filing an Offer in Compromise (OIC), which offers to settle your tax debt for less than you owe. However, if you do not qualify for any OIC, we still have many alternatives.
IRS Seizures – Taking your Money or Property
You have 30 days from the date of the Final Notice of Intent to Levy issued by the Internal Revenue Service to pay in full or to find another solution. Ignoring this notice or doing nothing will only make matters worse. Once the 30 days has passed, the IRS does not have to give any further notice before seizing your assets including your checking accounts, savings accounts, and your wages.
By securing a temporary freeze on further collection activity, we have time to review your situation and determine the best course of action.
Bank Levies are the IRS’s way of getting your immediate attention. What they are saying is “we have tried to communicate with you but you’ve ignored us.” Levies are used to seize your checking accounts, savings accounts, autos, stocks, bonds or anything else you own. If you have more in the bank than you owe then they will only take that amount to satisfy your liability leaving the rest for you. If your liability exceeds the amount in your account, the IRS may take the entire amount.
Securing a temporary freeze on further collection activity ensures that we have sufficient time to analyze your situation and determine the best course of action.
If you have any questions or if we can further assist you, please contact our San Diego office.
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