What Does A Tax Levy Attorney Do?
A tax levy is an order by a judge to seize property or assets of a person or business entity as a result of tax liability. A tax lien includes the compulsory taking of a property to repay tax debt owed by an individual. The property at issue may include boats, vehicles, social security, taxes, paychecks and more. A levy is an order by the court that a liable party pays or faces the prospect of paying a specified amount of money directly or indirectly to the Internal Revenue Service or a state tax agency. There are civil and criminal tax levies. The former are orders by the court to repay moneys owed directly to the government, the latter are criminal tax charges filed against an individual or corporation.
If you owe back taxes or think you might, it’s time to get professional tax levy attorneys to work for you. You’ll need help if you ever need to go to court to pursue collection efforts. It is also a good idea to have someone on your side who can act as your representative in the process. You’ll want someone who knows all of the ins and outs of the IRS and the tax code. They will be able to navigate all of the jargon and procedures and make sure you don’t run into any trouble.
Tax lien auctions are the root of many problems for people who owe federal or local taxes. Even if you’ve been diligent in paying your taxes and can prove that you don’t owe any more than what you currently owe, the IRS still has the right to place a tax lien against your property. A tax lien auction is where you come face to face with a government that has decided to take your property by force – without first letting you settle your tax liability with them. In these situations, you need help from a tax levy attorney who knows what they’re doing and can help you find relief from the tax collectors.
The IRS wants its tax dues, but it also wants its share of the profits. Because of this, they will often reach a compromise with you. This compromise involves paying a smaller amount than you actually owe in order to settle your debt and start over with a clean slate at the end of the year. Many people fear this because it means that they will lose their home and face the music once again – but the IRS has an option for this as well. If you have financial hardship, the government may work with you to ensure that you pay your debt in full so you don’t have to fear losing your home.
What does this mean for you? Basically, when you meet with a tax levy attorney in Loveland, Colorado, you’ll discuss the options for repaying your debt. You can choose to settle the bulk of your balance with the government, which is the preferred method. You can also choose to use an HSA or a High-Secured Credit Card Account to pay your balance in full, which will require more money upfront but is better than letting the IRS take your home and sell it. You also have the option of choosing to close accounts that are past due and take no funds out of them.
If you’ve never had to deal with the IRS before, you may be wondering how the process goes. In all likelihood, you’ll be met with a stack of paperwork when you first contact a tax levy attorney. Don’t panic; everyone has been through this before and the professionals are here to help. First, make sure that the agency is actually requesting the money in the first place so you can avoid future problems. Secondly, review the forms the agency will be asking you to sign and ask if there is anything you didn’t understand or missing information.