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IRS Seizures

Top NYC CPA Firm · Best Rated Accountants in New York City

IRS Seizures

You may believe that the IRS can’t seize your assets or your property, but it’s an unfortunate reality for a number of Americans every year. If you owe back taxes to the IRS, they don’t immediately go after your property. They first try to coerce you into paying them in full. If you can’t do that, they may try to set up a IRS payment plan for you. If that doesn’t work, they can garnish your wages.

If the IRS can’t get the money you owe on your taxes, the last option open to them is to seize your property — including your home, cars, and bank accounts. Miller & Company LLP, NY Certified Public Accountants, a top rated CPA New York firm.

The threat of IRS seizures represents one of the best reasons to hire a professional tax accountant. You’ve worked hard to build a comfortable life for yourself and your family, and the last thing you want is to lose it all to the IRS. A tax accountant like Miller & Company with locations in NYC and Queens can:

An Ongoing Process

Paying attention to your tax liability shouldn’t be an annual event, something you just glance over once a year. As your wealth increases, it’s in your best interests to remain vigilant regarding changes in tax codes and your adherence to IRS regulations. Yet even the most astute businesspeople and the most successful professionals in NYC can get lost in the jumble of IRS jargon and the complexities of the tax code.

That’s why it’s essential to work with an accounting consulting firm in NYC whose skills go beyond simple checkbook balancing and basic income tax preparation. You need a personal accountant who understands your financial life and is invested in your success. So instead of falling further and further behind on your taxes, take steps toward a positive outcome — one that doesn’t include IRS seizures — and get in touch with a leading tax accountant today.

Reasons for IRS Seizures

People owe delinquent taxes for a variety of reasons, including, but not limited to:

  • Inability to pay
  • Poor time management, not submitting the forms on time
  • Sudden financial hits such as loss of income or unexpected medical bills
  • Negligence or misunderstanding on the part of the tax preparer
  • Miscommunication between business partners, spouses, or others who have a joint role in providing information for tax preparation

Regardless of the reasons, the IRS has a pretty straightforward procedure for trying to collect. They start by sending bills to your address. They may call you or even send agents to visit your location. If you’re unable to pay the bill in full, the next step is to try and negotiate a IRS payment agreement, so you can pay your taxes off a little at a time. Having a qualified NYC tax professional in your corner can help you come up with a plan that satisfies the IRS, but won’t leave you in financial hardship.

Breaking Out the Big Guns

Most of the time, back taxes are the result of an oversight or a situation beyond your control. You can remedy the predicament by communicating with the IRS and making arrangements for payment. If you work with top CPA in New York, Miller & Company, you have personal tax accountants who are familiar with your finances assist you with your interaction with the IRS. Knowledgeable accountants recommend not talking to the IRS directly. Let your tax representative handle all the communication.

If the IRS can’t get in touch with you to settle your tax debt, that’s when they get tough. When you owe money to the IRS, they will not stop until they get it. They’ll send you notices, they’ll call you and they’ll give you every chance to comply. The last options for the IRS to collect payment from you are to garnish your wages or seize your assets. If you’re in this position:

  • Don’t ignore the problem
  • Don’t talk to the IRS directly
  • Call a professional tax accountant like Miller & Company

The Real Story about IRS Seizures

If you’ve received a notice that the IRS has placed a lien on your property, it means that you can’t sell your property with a clear title until the IRS has been paid for the back taxes you owe. A tax lien can damage your credit, making any future business ventures more challenging.

If the IRS places a levy on your assets, they can actually come and take your property to pay for the back taxes. A notice is typically sent to you or your employer, letting you know that they plan to take possession of your property. However, some things are exempt from IRS seizures:

  • Child support
  • Social Security and welfare benefits
  • Railroad and Congressional Medal of Honor benefits
  • Workers’ compensation
  • 85 percent of unemployment benefits
  • Basic clothing
  • Undelivered mail
  • Personal items, up to a set dollar value
  • Educational, trade, or professional books or equipment, up to a set dollar value
  • A set amount of money that the IRS deems adequate to cover your basic living expenses

Personal vehicles are not exempt from the seizures, but the IRS sometimes leaves your vehicles if you can show that you need them for work and the loss of your vehicles would impact your future income. If you’ve received notice that your assets are going to be seized, you can appeal the decision. You may be able to sell a substantial asset — for example, luxury automobiles or vacation homes — to pay off your taxes and avoid an IRS seizure.

The Good News

An IRS lien or levy remains in place until your tax debt is released. The only way to have it released is to pay your debt in full or negotiate new terms with the IRS. Your best bet, of course, is to have an experienced accounting consultant working for you before the threat of a seizure comes up.

Even if you’re in the middle of a tax crisis, hiring a personal accountant can help mitigate the damage. The Miller & Company tax professionals know the tax laws inside and out, and they explore every legal avenue to help you retain your assets. Don’t wait if you’re experiencing tax problems. With IRS seizures on the horizon, your time is running out.

Do you have questions about services we offer including IRS Seizures in NYC and Long Island? Would you like to receive a personal IRS Seizures consultation customized to your specific needs? To schedule an appointment with a nationally recognized, top CPA in New York, Paul Miller of Miller & Company LLP firm, please contact our Long Island or NYC tax accountants for a FREE CPA consultation.

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The information on this site is to be used for informational purposes only and is not intended or implied to be a substitute for professional CPA or accountant advice. It is important to visit a highly specialized CPA firm in New York with top rated, best in class NYC accountants regarding creative ideas customized to your specific needs. Visit a leading Accounting firm in NYC and Queens, NY Miller & Company LLP. We are taking an exceptional individual care of each client.