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September 2018 Archives

5 Strange IRS Asset Seizures

The IRS uses property seizure as a last resort when attempting to resolve tax debt. While the notion of having a car, house or bank account seized can be terrifying for many individuals and families, the IRS employs various rules, regulations and procedures to ensure that tax-payers are protected and are given every opportunity possible to resolve the tax debt either through litigation or offers in compromise. However, even with strict controls in place, the seizing of assets can run afoul of common sense. 

Extradition is possible for dealing with FATCA violations

While the Foreign Account Tax Compliance Act (FATCA) has been around for close to a decade, new developments continue to arise. For example, a federal court brought a conviction against a naturalized citizen of St. Vincent for failing to comply with the act.

The OVDP and offshore reporting requirements

It's already understood that the failure to disclose foreign accounts can result in significant penalties. Yet while offshore enforcement concerning foreign accounts was significantly stepped up in 2009, many individuals failed to participate in the IRS Offshore Voluntary Disclosure Program (OVDP).

An extension in time to challenge wrongful levies by the IRS

A common complaint concerning the IRS is the little time they give taxpayers to challenge certain determinations. Yet the IRS recently announced businesses and individuals will have additional time to bring claims concerning levies and seizures of property.

Are There Assets The IRS Cannot Seize?

The Internal Revenue Service has broad authority when it comes to their collection efforts. When seeking the repayment of tax debt, the IRS will often turn to asset seizure. In these situations, however, there are certain procedures that must be followed and numerous rules that must be adhered to.

When you hire us, we can help: you:

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  • Stop the IRS from garnishing your wages
  • Prevent levees from being placed on your bank accounts
  • Keep tax payments and penalties from spiraling out of control

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