Avoiding a Tax Levy on Your Assets

The Internal Revenue Service is one of the most feared government institutions throughout tax season. There are many people that fear the repercussions of not paying their taxes, but do not fully understand what could happen if they were not to pay their taxes in full.

If your tax situation has gotten extremely complicated or if you know that you are behind on your tax payments do not be afraid to do some research. Researching what can happen, what your rights are and what the legal rights of the IRS are may help you as you work to get yourself out of tax problems.

A tax levy is usually one of the most feared repercussions of not paying taxes. An RS tax levy can be very aggressive and those that are fearful of a tax levy being instituted should get the tax levy help that they need as soon as possible.

Many states have different tax levy laws and you should understand what the laws are about a tax levy in your area. This way, if there is any legal way for you to get out of your tax problems, you can be sure that you are taking the right legal path.

For example, if you need tax levy help in CA, it may be beneficial to work with a tax consultant that is familiar with CA laws. This way, you can be sure that you are taking the right steps to get yourself onto sound financial ground and out of the cross hairs of the IRS.

The beginning of the tax levy process starts when a “Notice and Demand for Payment” is sent to the tax payer. This is the notice that lets the taxpayer how much money they owe and explains that they will institute a tax levy if they do not receive the payment that is owed.

If you are to receive a “Notice and Demand for Payment” you may want to start looking for tax levy help immediately. Part of your legal right, as the tax payer, includes the right to a hearing against the levy but if you know that you want a hearing, you need to start the process.

Any legal processes that you choose to take against the levy have to be started within thirty days of receiving the notice. Just because you choose to fight the notice, you may not be successful and a levy may be issued against your assets.

A levy that is issued will give the IRS legal rights to seize your assets, up to the amount of taxes that you owe. It is important that you realize this does not just apply to money that you have, but also to anything that you have purchased and spent money on.

Keeping your taxes up to date and working with a professional if you are struggling may be the best way to keep yourself out of any tax trouble. Make sure that you prepare yourself to work with a tax professional if you know that you are in over your head with taxes.