Can The IRS Seize Your Property for Tax Evasion?
Evading taxes has serious implications, such as property seizure, penalties, in some cases, even jail time. The penalties for nonpayment include a fine of up to $250,000. The defaulter may also have to pay interest on the unpaid amount, from the due date of the payment to the day you pay the amount in full. The IRS can also take 15 percent of your Social Security benefits each month until the debt is clear. The good news is, there is always a way out. If you have received a notice for tax evasion, the IRS tax attorneys at the Law Offices of Nick Nemeth can help.
Do not Lose Your Property and Assets to the IRS!
In case of an IRS investigation, the federal body gives 10 days to taxpayers to clear their tax liability, failing to do so may result in receiving a federal tax lien on their assets. A tax lien is a claim on your property, which can only be released after you pay the tax, penalty, interest, and recording fees, in full. If you are unable to pay, the agency will send the “Final Notice of Intent to Levy and Notice of Your Right to a Hearing.” If you do not appeal or settle on a payment plan within 30 days of receiving the notice, the IRS can start claiming your assets, such as a house or car, or rights to property such as income, bank account, retirement account, and Social Security.
Need Advice on Tax Evasion? Our Attorneys Can Help!
Even if you have received a Tax Evasion notice from the IRS, not all is lost. The IRS understands that taxpayers can have “valid” reasons that may prevent them from clearing their tax liabilities. That is the reason the federal body has a number of provisions to help taxpayers who are unable to pay their dues. Our experienced tax relief attorneys can represent your case and help you settle your IRS tax debt. To schedule a free consultation with one of of our IRS tax attorneys, fill out our contact form or simply call (972) 627-4580.