Asset Seizure: What Can The IRS Take?

IRS Tax Issues

IRS tax issues are capable of spiraling out of control really fast. Having an experienced lawyer on your side helps to solve these problems and bring peace of mind. The Law Offices of Nick Nemeth, IRS Tax Attorney in Dallas, focuses solely on helping our clients and providing them with the best solution for their problem. Our team of tax resolution attorneys are passionate when it comes to fighting for our clients. Negotiating with the Internal Revenue Service may be intimidating to deal with on your own and we are here to help.

Scope of IRS: Assets and Possessions

Federal government can take any of your possessions if you fail to satisfy your debt owed to them. Assets owned by you will need to have equity and capable of being resold in exchange of cash. Once the IRS takes your assets; there is no way you can reclaim them or even ask for money. The IRS wants their money and focuses on paying off debt as fast as possible. They can take everything that has reselling value; your expensive possessions like diamonds to investments you have made.

Related Blog: Easy and Effective Tips for Taxpayers Facing IRS Tax Problems

However, the Internal Revenue Service has to follow some rules and regulations. It forbids them to take anything you might need for survival. One thing to note is, if you owe IRS less than $5,000; they will look for alternative options like withholding a certain amount of your income or taking your refunds from federal tax; to satisfy debt.

IRS Tax Problems Resolution

Sometimes tax matters get complicated. It is wise to contact an expert instead of trying to solve this particular matter on your own. IRS will only claim your assets when amount you owe them is more than $5,000. You might not need expert help in every IRS tax issues, however, some problems will certainly require our help.

1. IRS Tax Investigation

If you fail to report you income accurately or claim tax deduction more than the limit; IRS will most probably undertake a tax investigation. It is advised to hire a tax attorney as he/she will have in depth knowledge on tax filing.

2. Avoiding Criminal Charges

You can face criminal charges if you fail to correctly file unified tax returns. Mathematical errors or simple mistakes are not worth civil charges. It is recommended to hire tax resolution attorneys for filing unified tax returns. Our attorneys will help with future tax returns and related documents as well.

Related Blog: 5 Tips for Filing an IRS Offer in Compromise

3. Appeals

As a citizen, it is your right to voice dissatisfaction regarding decisions made by IRS on your tax returns. You will be able to state an appeal to the Office of Appeals. Our attorneys are experienced in this field and trained to help you in the Office of Appeals. Our attorneys cater to clients about different IRS tax issues. Our goal is to provide you with IRS tax problem resolution. We help individuals and businesses with many IRS problems such as levy, payroll problems, garnishments and tax liens as well.

Wrap Up

We are a team of passionate attorneys who are always eager to help you! If you are facing IRS tax problems or do not understand your situation regarding IRS tax issues, feel free to call us at (972) 426-2553 or fill out our contact form and we will take it from there.

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