The IRS prefers assets that are liquid – meaning easily convertible to cash. This is primarily bank accounts and wages. And although retirement accounts are cash assets, the IRS tends to avoid that. The IRS shies away from seizing real and personal property – houses, cars, household goods, even business equipment.
Here are the facts as to what the IRS levies and seizes:
In 2011, the IRS made 776 seizures of real and personal property – hard assets that take time to liquidate, houses, cars, household goods, business equipment.
Compare that to levies on bank accounts, wages, etc.: In 2011, the IRS issued 3,748,884 levies on third parties, like banks and employers.
Think about it: 776 vs. almost 4 million.
The IRS wants to get paid in the least intrusive manner and with the quickest result. There are reasons for this wide discrepancy, including a prohibition in the Internal Revenue Code and Internal Revenue Manual on the IRS seizing and selling property that will not result in any net recovery (i.e., property with no equity). Make no mistake that an IRS seizure of a house or business equipment is serious; but it is important to understand that the risk usually is in cash assets.
If you have a wage levy or just found out the money in your bank account was just cleaned-out by the IRS, there are ways to get quick releases. Sometimes, a levy can be released without providing the IRS any financial information about you. Call the experts today (800)790-8574.
Some Recent Tax Settlements :
Mr. Dillard – CA Owed $6884, IRS settled for $400
Mr. Batiste – LA Owed $18513, IRS settled for $2972
Mr. Johnson – CA Owed $21,378, IRS settled for $4500
Ms. Gonzalez – TX Owed $28,816, IRS settled for $1700
Mr. Anthony – NY Owed $14,000, IRS settled for $900
Mr. Wilkes – CA Owed 32,211, IRS settled for $1250
Owe the IRS and need help? Call us to discuss your unique situation (800)790-8574
We are tax relief experts specializing in IRS back tax help, Installment Agreements, tax lien help, wage garnishment release, IRS Offer in Compromises and a whole lot more. Get a free consultation from an experienced tax relief expert today (800)790-8574 or visit our www.advancetaxrelief.com
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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.