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:
I have been using Miller & Company for over 6 years and I am very happy with this firm. Whenever I have any questions, Paul makes time to speak with me and answer my questions. He is really smart and looks out for his clients. Paul always has his client's best interest in mind. I highly recommend him and his firm.
Michael GoldsmanPaying 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.
People owe delinquent taxes for a variety of reasons, including, but not limited to:
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.
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 expert 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:
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:
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.
I am very pleased with the quality of work from Miller & Company! Paul Miller is especially experienced and knowledgeable. Paul and Rose have gone above and beyond to keep me compliant. I have the utmost trust and appreciation for this firm!
Stephanie S.Miller & Miller LLP is wonderful to deal with. He is professional, thorough and very detailed oriented and guided me through the entire tax and filing process. He truly services my account.
Michael B.Always responsive, professional and incredibly helpful. We have used Miller & Co for years and every professional at Miller & Co has been top-notch and very easy to work with. Super responsive.
Pediatrics H.Paul has been my accountant for the last 4 years and I could not be happier with my experience with him and his team! They have far exceeded my expectations and happily refer friends and family to them. I would highly recommend this firm for all of your accounting needs.
Blake W.Miller & Company LLP has been handling my accounting needs for the last several years. Always knowledgeable, helpful and prompt with responding, including during the busiest weeks of the tax season. The most efficient, helpful and personal accounting I have experienced so far.
Anna B.I’ve been working with Miller & Company for over 10 years for both personal and professional accounting services. They are at the top of their game, and I count on their support in all aspects of my life. I trust them implicitly and feel comfortable referring them to everyone I know who is in need of accounting services at any level. A+ on every mark.
Jamie K.I have had great experience with Miller & Company. They are attentive, prompt, and responsive. Paul has helped me with forming my PC and PLLC as well as all of my accounting needs. He is knowledgeable and sharp. Highly recommend him.
Robin F.Paul provides highly personalized service and intelligent, comprehensive strategic planning. I have worked with him for over 20 years and he’s always delivered stellar results. I highly recommend him and his firm. ~Google
Ari F.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 CPA consultation.
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