A Low Bank Accounts Means No Seizure Losses
If you are getting seizure threats or if an IRS agent has been to visit you in person you are on the hot list. Actually if you have found out a federal tax lien has been filed against you chances are relatively high that your assets are at risk. The tax lien is the first thing the IRS must do in order to legally seize you assets. Of course, the IRS mails these document to the last address they knew you were located. This does not mean by any stretch of the imagination that you will receive these important notifications. |
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Keep Quiet About Your Assets: If you have delinquent tax problems the IRS will take a sudden interest in you, your affairs, and assets. Why wouldn’t they, you owe them money and they have some very powerful collections tools. The problem for them is where to put the collection tools to work. If you have a tax debt problem as soon as you get on the phone with them the questions start; where do you work, what is your current address, where do you bank? Of course, this isn’t the same kind of interest your golfing buddies have and with theses questions you are place in an uncomfortable predicament.
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Portray Seizure as Jeopardizing Collection: I’ve read that the IRS loses money seizing assets. It sounds hard to believe but we have all heard about Ferraris auctioning off for several thousand dollars instead of several hundred thousand. In fact, a report by the Government Accounting Office (GAO) titled IRS’s Management of Seized Assets claims seized assets are lost, stolen and simply unaccounted for. Not to mention the typical ineffective selling systems, wasteful practices, flawed process for which government agencies are famous. Based on this and other relevant factors it should not be too hard to convince an agent that it is in his best interest to let you keep your assets. In fact, more often that not you can make a convincing case that they have a better chance of collecting if they leave your assets alone. |
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Read More About Seizures Hurting Collections
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There are several ways that a delinquent taxpayer might be able to avoid an IRS levy of property or assets. Let’s face it no one wants to have money, paycheck or property seized. Of course, you want to make sure that the tactics you use are not in violation of any laws. No need to get into hotter water than you are already in. One must realize that when the IRS performs these maneuvers it usually for a few simple reasons. Once you understand the reasons your game plan is more effective. |
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Click here to Read More about Avoiding IRS Seizures
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