When you’ve gone years without paying your taxes or you owe a huge back tax debt, the government is authorized to take extreme measures to collect what you owe. The IRS’s last resort is issuing a bank levy on your assets. While a tax lien is a claim against your assets that is used to encourage payment, a levy means asset seizure is imminent.
The IRS may seize assets including:
- Your home
- Your vehicle
- Property such as boats or RVs
- Your wages and commissions
- Your bank accounts
- Any rental income
- The cash loan value of your life insurance
Obviously, you don’t want to lose these items or amounts to government seizure. With help from the tax resolution specialists at Price Advantage Accounting, you may not have to face this fate. Even in cases where back tax debts are overwhelming, we can help clients find a way forward. Our job is to first stop the levy and then negotiate an alternative settlement or repayment plan. We’ll strive to bring you into compliance with the IRS’s demands without furthering your financial hardship. If there’s a way to keep your assets in your possession, we’ll find it.
Ready to learn more? Book your initial consultation with Price Advantage Accounting right away!