Facing debt collectors is never fun, but the ones that most people fear are from the IRS. These collectors possess an extensive list of ways they can collect past due taxes and penalties. If the IRS contacts you, it is best to contact an experienced Tennessee tax attorney for help. If you ignore the letter or wait too long, you may lose your right to appeal.
The IRS can issue a lien against any asset you possess, including your home. If a lien is placed, you would have to satisfy it before selling or refinancing it. The IRS can also seize part or all your equity in your home to meet the lien.
The IRS can also levy other property including your bank account, retirement account and other personal property.
Three conditions must be met for the IRS to levy a property.
First of all, the IRS must have issued a final tax amount and issued you a Notice of Tax and Demand for Payment.
Secondly, after the notice has been issued, the taxes must still remain unpaid.
Finally, the IRS must have issued a Final Notice of Intent to Levy and Notice of Your Right to a Hearing at least 30 days before the levy.
It is imperative you act if the IRS has issued a lien against your house or if you know you owe back taxes. A qualified and experienced tax attorney can help you negotiate with the IRS and work out a payment to satisfy the debt.
Burkhalter & Burkhalter has helped many clients deal with IRS collection actions and will put that experience to work for you. For a free consultation in Maryville or anywhere across Tennessee, contact Burkhalter & Burkhalter today.