A Tax Levy Attorney Can Advise on Tax Liens
Tax levy action is a legal process in which a county or state government agency seizes tax assets for the payment of delinquent taxes. A tax lien involves the Taking of a property in order to satisfy tax debt owed by an individual. Usually, the property at issue may include automobiles, homes, boats, investments, bank accounts, tax refunds, electronics, tax liens and more. When tax debt is unpaid, this action is taken against the taxpayer in order to recuperate the deficit. This is typically done through attachment of property.
Attachments of property can be related to any type of debt. For example, bank account levies may be applied to nursing home accounts. Similarly, government tax levies may be applied to tax liens on retirement accounts. If the IRS wants to seize a bank account, it generally has to be filed first with the local bank in the area in which the account is held.
Many taxpayers seek the assistance of Loveland tax levy attorney in CO to assist them in assessing their options in situations where they feel they are subject to levy. In these cases, the attorney will review a client’s situation and make recommendations as to how the IRS takes action. He may also recommend ways to challenge the initial levy in court or attempt to reach a settlement outside of the courts. In some situations, the attorney may also represent a person who has been wrongfully accused of a levy and seek relief from the court.
There are a number of different reasons why a person may need help with their back taxes. Some clients may owe money to the IRS due to errors on their income tax return. In this case, they may need to hire a tax levy attorney to work out a plan to repay the debt. Other clients may owe money for tax bills that have gone unpaid because they no longer have access to the funds to pay them.
No matter what the reason, a taxpayer seeking relief from the IRS should consult a professional tax accountant or tax lawyer. These professionals can give the necessary advice as well as ensure that a plan of action to settle the debts is recommended. The IRS may not agree to settle the liability but many often do if the taxpayer is willing to pay a reasonable amount. When this happens, the taxpayer can stop the harassing calls and threatening letters and the compromise process can begin.
The process to recover tax lien or other types of back taxes is often a lengthy and frustrating one. It is important for clients to contact a tax levy attorney when they feel that they are delinquent. The attorney will assess whether the client has a viable solution to settle the debt, or if a full-blown legal battle is looming. If the IRS determines that the taxpayer is not in default of the law, they will pursue collection through any methods they can.