The IRS has much greater collection powers than any other creditor. In order to collect taxes, the IRS can place a levy, which is the seizure of property to satisfy a tax debt. If there is a levy on your bank account, the IRS can withdraw money from your account to pay your debt. They may also garnish wages and levy other property without gaining prior approval from the courts. Levies can be avoided and resolved through open communication with the IRS and cooperation by providing certain tax information. We can establish and maintain these lines of communication, and ensure that your interests remain protected.
Filing a lien gives the IRS a legal claim to your property in order to satisfy a tax debt. Liens take effect 10 days after the IRS sends a notice and demand of payment. The IRS’s claim takes precedence, and any other creditors who may seek a claim will be notified of the IRS’ claim to your property (including property acquired after the lien was filed).
Liens give the IRS a legal claim to a taxpayer’s property as security or payment for a tax debt. A tax lien arises after the IRS assesses the liability, sends Notice and Demand for Payment, and the taxpayer neglects or refuses to fully pay the debt within 10 days after notification. We will work hard to explore all of the available options for resolving IRS liens, including appealing the initial determination, seeking a release of lien, subordinating the lien, or requesting withdrawal of a lien.
These tax issues can be difficult and stressful to deal with. We understand the importance of your case, and the impact these financial outcomes can have on lives. We are here to help and represent our clients in order to help them get the relief they need and the second chance they deserve. If you have a pressing tax issue in Virginia, contact an experienced Tax Lawyer at Frost & Associates today for a free consultation.