The #1 fear of people with tax problems–whether it’s an unpaid tax debt or years of unfiled tax returns–is that the IRS will seize their house. In fact, the Taxpayer’s Bill of Rights discourages seizure of a primary residence. Those rights stipulate, however, that if a taxpayer does not attempt to pay–either by voluntarily paying down the debt or seeking to negotiate a payment plan with the IRS–then the agency may seize assets, including the debtor’s house.
The IRS will seek other ways to collect on a debt before it seizes your house. It may garnish wages, apply levies to your bank account, or file an IRS lien (or claim) on other assets you own. These measures can happen within months or years from the moment you miss a tax payment. Attempting to file back taxes will keep your assets safe and limit the fees and penalties you incur.
Showing a willingness to pay tax debt–even if you can’t pay the full amount you owe the IRS–is key. As the IRS says, “The worst thing you can do is nothing at all.” Voluntarily paying down as much as you can will forestall the IRS from beginning a collection action. A tax resolution specialist is certified to negotiate with the IRS for you so that you get the IRS debt help you need.
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It’s also important to work with a professional if your house is seized. A review of IRS property seizures in 2016 revealed that in approximately 30% of cases, an IRS error was committed. An IRS restructuring by Congress, currently being drafted into law, specifies that taxpayers will not have their assets seized without proper, timely, and fair notice. So if you are concerned about notices from the IRS indicating a collection action may happen, contact a tax resolution specialist now.
The good news is that even if you’re burdened by a large tax debt, you can negotiate a settlement or a payment plan. I have helped many clients get rid of the “elephant” on their backs. I do this by offering expert IRS representation.
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