Your IRS tax problems are not going away on their own, they are only going to get more legally complicated and you stand to lose all your savings and assets.
Not filing your tax return or filing it incorrectly can trigger a tax notice or audit from the IRS and/or your state. It can be a costly and time-consuming process for you to go through. Navigating tax audits and dealing with tax authorities without representation can be a dangerous mistake. It can cause you tremendous stress and destabilize your financial security.
We are knowledgeable about tax rules. We always research the issues and provide you with a high level of support for any dispute resolution you may have, from computer-generated notices up through the appeals process.
Due to our specialization in cryptocurrency taxation, we are more qualified than most CPAs in serving crypto taxpayers who are getting IRS warning letters, tax notices, or audits related to under-reporting or failure to report cryptocurrency transactions. Please note that these services are only available to our CFO and Accounting Level Clients.*
IRS wage garnishment is the deduction of money from an employee’s monetary compensation resulting from unpaid IRS taxes.
Most likely this should not be a surprise as the IRS will only levy one’s wages after repeated letters and warnings about the taxes owed. This is one of the IRS’s most aggressive tax collection mechanisms and should not be taken lightly.
The IRS would rather resolve taxes in a different manner but they will levy when they feel they have run out of other options. It is important to understand how garnishments work to ensure you take the appropriate actions to avoid them or stop the IRS from taking your wages.
An IRS levy permits the legal seizure of your property to satisfy a tax debt. It can garnish wages, take money in your bank or another financial account, seize and sell your vehicle(s), real estate, and other personal property.
If you receive an IRS bill titled Final Notice of Intent to Levy and Notice of Your Right to A Hearing, contact us right away.
If you receive an IRS notice of levy against your employee, vendor, customer, or another third party, it is important that you comply with the levy.
A federal tax lien arises when a tax return is filed and the tax isn’t paid after a demand for payment has been made.
By law, the lien is in favor of the United States and is upon all property and rights to property of the person with the unpaid tax. It gives the IRS the authority to seize any proceeds from sales of real estate owned by a delinquent taxpayer.
To protect the government’s right of priority against other parties who are owed money by the same person, the IRS will file a Notice of Federal Tax Lien, which puts other creditors on notice about the IRS’s claim.