Liens
When your taxes are not paid
the IRS establishes a lien against all of your assets (especially real estate). This gives the IRS the legal right to
collect taxes from the sale of your assets, which includes just about everything you own.
The lien can be against you, your spouse, or your company. A lien against your company would seize your
accounts receivables. Liens filed against you by the IRS also show up on your credit
report and often prevent you from opening a checking account or
borrowing against any assets, like your home. With a Federal Tax lien on your record you can't get a reasonable
loan to purchase a car.
Levies
Levies can also do a lot of damage in your life and is the IRS's way of getting your immediate attention. What they are saying is, we have tried to communicate with you but you have ignored us. Levies are used to seize your wages and whatever other assets you have. If you own it, they can take it. That includes checking accounts, auto's, stocks, bonds, boats, paychecks, and even Social Security checks!
Imagine waking up one morning and finding all your bank accounts have been cleaned out. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care - their sole objective is to collect the taxes owed. Period.
Even worse is a wage levy (or garnishment). That's when most of your pay check goes to the IRS, they don't leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid. If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.
We are often able to get those levies released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew.
We offer a free initial consultation. Call us today at 678-775-6800 to schedule a convenient time to meet.
