irs levy: 7 Reasons Taxpayers Get An IRS Audit - 02/09/24 10:42 AM
Facing an IRS audit is a daunting experience. The idea of having your financial records scrutinized by the most feared collection agency, the IRS, can shake anyone to their core. The cost in both time and money can seem never-ending.
Understanding the top reasons taxpayers get audited by the IRS can help you avoid common pitfalls and navigate the audit process more confidently.
In this article, we'll shed light on these audit triggers, offering you insights into what may prompt the IRS to take a closer look at your tax return.
Additionally, we'll cover how a tax relief professional like Bob Jablonsky and … (1 comments)

irs levy: Did The IRS Lien or Levy Me AND Why That's Important - 02/27/23 01:28 PM
I have taxpayers call or come into my office and tell me that the IRS liened my bank account or levied my house.  It can all get very confusing and wanted to take a few moments to discuss the difference between a levy and a lien.  Why is it important?  First, the IRS must follow different rules when filing a Notice of Federal Tax Lien vs. before issuing a levy or garnishment.  Second, the rules for effectively resolving a lien vs. a levy are different.  If we don’t know what we’re dealing with, we’re likely not going to have success in … (0 comments)

irs levy: What to Do When the IRS Levies Wages! - 08/18/22 02:21 PM
The IRS has an incredibly powerful tool at their disposal - The Levy! When a taxpayer owes the government and the IRS follows proper proper procedures, they have the ability to levy the assets of the taxpayer along with rights to income flows such as wage garnishments. Wage garnishments are especially harmful because they are "Continuous" Levies. As a continuous levy, they stay in effect (and the IRS continues to garnish wages), until an event occurs to release the levy or make it no longer enforceable.
Taxpayers often find that they are unable to survive on the amount of payroll that is … (0 comments)

irs levy: Richardson TX - Owe the IRS? What The IRS Can't Levy - 03/17/20 03:46 PM
When a Taxpayer owes income taxes to the federal government, the IRS does not immediately levy the taxpayer and take everything that they own. The IRS will typically send the taxpayer a number of notices. If the taxpayer doesn’t respond, the IRS may send a “Notice of Intent To Levy”. This notice will give the taxpayer 30 days to resolve the outstanding debt, or to request a Collection Due Process Hearing. Only after that 30 days passes can the IRS levy the taxpayer.
 
What Can and Can’t the IRS Levy, Seize, or Garnish?
It’s much easier to identify what the IRS can’t levy … (0 comments)

irs levy: Richardson TX - The IRS Fresh Start Program and a Tax Lien Withdrawal - 02/04/20 04:26 PM
Many of the Taxpayer’s coming into our Richardson, TX tax office with IRS Debt have a Notice of Federal Tax Lien (NFTL) or are under threat of an NFTL. As you’ve learned over the past few weeks, the Notice of Federal Tax Lien (NFTL) is a powerful tool of the IRS and having an NFTL filed can wreak havoc over your finances and your life. Today we’ll cover the forms to have an IRS Tax Lien Withdrawn or Released.
  
Withdrawal of an IRS Tax Lien
One of the biggest benefits to Taxpayer’s of the 2012 Fresh Start Initiative, was that the IRS … (1 comments)

irs levy: Plano TX - What To Do If the IRS Levies Your Paycheck - 09/25/19 08:29 AM
Our Richardson, TX tax firm frequently represents taxpayers in the DFW area, as well as other areas of Texas, who have had the IRS levy or garnish their wages through their employer.  Because this can account for a substantial portion of a taxpayer’s paycheck, it can create chaos with their financial life.
 
When taxpayers with a payroll levy come to us, our first priority is to have the levy removed or to cease additional action. Once we’ve accomplished this, we assist those taxpayers in resolving the issue which caused the levy and bring an end to their problems permanently.
 
As opposed to … (0 comments)

irs levy: Plano TX - What To Do When You DON'T Owe the IRS But They Think You Do - 08/31/19 11:34 AM
Sometimes, I have taxpayers come into my Richardson, TX tax office, who have been assessed income taxes by the IRS, but where they believe they don’t owe the tax. Your first thought might be, “Does this really happen”, but surprisingly, it does happen. As more and more tax returns are automated through the IRS correspondence process and the IRS is working with less human staff, I’ve seen more of it.  
 
How does it happen? When the IRS sends notices, some taxpayers simply ignore the notices, some don’t respond properly, and some respond properly but the IRS simply makes an error when … (0 comments)

irs levy: Richardson TX - Doubt as to Liability OIC when you don't owe the tax! - 07/20/19 11:46 AM
When most of us think of an Offer-In-Compromise (OIC), we think about where a Taxpayer owes and agrees that they owe an amount to the government, are unable to pay, and qualify to settle the debt with the government using an OICfor less than the full amount. This is the typical example of an OIC.
 
However, there are three types of Offers-In-Compromise:
Doubt as to Collectability (the most frequent OIC referenced above), Doubt as to Liability, and Effective Tax Administration  
Today we’ll discuss Doubt as to Liability and when we would use that option to deal with a tax issue. With Doubt … (0 comments)

irs levy: Richardson TX - An Overview of the IRS Collection Process - 07/16/19 12:22 PM
When taxpayer’s come into my office in Richardson, TX related to IRS tax collection problems, the entire process often seems like a maze to them and they don’t know where to start. The first step for me is to just understand where they are in the process. Once I know where the client is in the collection process, it helps me to understand risks and opportunities and formulate a plan to move forward. Today, I want to spend some time walking through an overview of the process.
 
What is the IRS Collection Process:
Assessment of the Tax – Preferably, a taxpayer files … (0 comments)

irs levy: Richardson TX - Can the IRS Levy My Retirement Accounts? - 05/10/19 08:09 AM
The Tax Levy
The Levy is a powerful tool available to the IRS to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office. There are many different types of assets that the IRS can levy. One of these categories are Retirement Accounts. Some people believe that the IRS cannot touch retirement accounts, however, that is not true. Today, we’ll discuss what the IRS can and cannot levy in regards to Retirement Accounts.
 
The IRS and Retirement Accounts 
The IRS is exempt from the anti-alienation provisions of REISA have … (0 comments)

irs levy: Richardson TX - I've Been Levied By the IRS. What Do I Do? - 04/30/19 07:55 AM
A tax levy is the actual seizure of a taxpayer’s property by the government in order to resolve delinquent tax debt. The tax levy is probably the IRS’s most potent tool to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office. The IRS issues tax levies after they have sent several notices to the taxpayer that have gone unanswered, or the taxpayer has failed to stick to an agreement.
 
What You Should Do If You Receive a Final Notice of Intent to Levy?
Before you are levied, … (0 comments)

irs levy: Richardson Plano TX - IRS Levies - The Regular vs. The Continuing Levy - 04/26/19 02:56 PM
The Tax Levy is probably the IRS’s most potent tool to deal with delinquent taxpayers. It quickly gets the Taxpayer’s attention and is the most common reason that new clients come to our Richardson, TX office.
 
Types of Levies
A regular levy is a levy that is effective against only the taxpayer’s property being held at the time the levy is served. Examples are Bank levies, levies on receivables, and retirement accounts. As an example, here’s how a regular levy works for a bank levy. Banks will hold money for days before sending it to the IRS.On Day 1, bank receives … (0 comments)

irs levy: Richardson TX - What is an IRS Levy and How Does It Work? - 04/25/19 02:37 PM
How Do Tax Levies Work?
Probably the most frequent reason that I have clients come into my Richardson, TX office, related to IRS debt, are when they are levied by the IRS. Being levied, or even the threat of a levy, is a horrible experience for most people, and when it happens, taxpayers are either extremely frightened or angry when they come to my office. This is understandable and we often work with clients to remove the levies and get life back to normal.  Today, we’ll address the overall process. In our next blog, we will discuss in greater detail how to … (0 comments)

irs levy: I Received a Final IRS Notice in Richardson, TX. What Do I Do? - 01/20/19 12:16 PM
Many of my clients in the Richardson, TX area, a suburb of Dallas, TX, get in the IRS collection queue where they receive a litany of notices.  Among those notices, is what I refer to the final collection warning notice.
This notice can be a Letter 11 (LT 11), CP 90 or Letter 1058, depending on which area of the IRS is handling your case and sends the letter. Whichever of these three letters you receive, they’re basically all the same, and they all have the same purpose. This is a critical notice that gives the Taxpayer certain rights as well as an … (3 comments)