Is your home or business at risk during a tax collection process? Let’s say that the IRS informed you that you owe the agency money for back taxes or tax debt. This isn’t exactly rare, but it isn’t exactly common either. When you are informed, it will likely take some time before you are able to get a handle on the situation and develop a strategy to resolve it.
Sometimes, though, the individual who has been informed of this tax debt will bury his or her head in the sand, so to speak. This leads to constant procrastination of a very important issue. If the procrastination lasts long enough, the IRS will, understandably, take some serious action against the in-debt individual. Thus, the collection process may begin, wherein the in-debt individual can see his or her assets seized to make up for the money they owe the IRS. This is what puts your home or business at risk during a tax collection process. It is a much more effective strategy to work with Janathan Allen, an experienced and proven San Diego tax attorney, to manage the collection process and communications with the IRS.
Next, the question is usually: what assets can the IRS take? The IRS and California tax agencies may use tactics such as liens, levies and garnishments to collect back taxes. This not only places your home or business at risk during a tax collection process, but any bank or financial accounts, investments, collections and other property or interests with financial value.
How can you protect all that you’ve worked so hard to build? Even though this obviously terrible for taxpayers, it is important to note that when the IRS or the State of California seizes these assets from an individual, the seizure may be done improperly or illegally. There are certainly options for a US taxpayer which could allow them to successfully appeal the seizure of these crucial assets.
The key is never to be put into this position in the first place. If you are facing collection efforts by the IRS or a California tax agency you need a proven San Diego tax attorney to protect your interests. We invite you to learn more about the integrated tax, legal, accounting and business consulting services of Allen Barron and contact us or call today to schedule a free consultation at 866-631-3470.