Klamath Falls, OR: Tax Levies, can the IRS sieze my assets?

Services for Real Estate Pros with Amcom Tax and Accounting, Inc EA112857

represent taxpayers in Klamath Falls and through out Oregon filing tax returns, resolving tax debt and solving IRS issues, and I often get askedCan the IRS seize my assets? In a word yes.

How can I avoid it? Don't ignore those IRS notices! Respond! Call or write and work with the collections department to resolve the issue.

IRS Code Section 633 authorizes levies to collect delinquent taxes. 

What is an IRS levy? An IRS levy is the right to sieze virtually any property, including wages, social security, bank accounts, assets, and state tax returns. IRS Levies are usually served via certified mail, but can be served in person, or at your residence.

Before the IRS can levy your property, you must be given notice. The IRS notice comes in 3 letters.

The first letter is a CP 501 and is a Notice and Demand for Payment, the second letter is a CP 504, the Notice of Intent to Levy and the third notice is a LTR 11 Demand for Payment and the Notice of the Right to Collection Due Process Hearing (CPD). 

You can avoid a levy by responding ato any of these letters. If you do not respond the IRS could  in forty five days.

I want to respond you say, but I can't pay the money. A response does not have include the payment, a response could include an Installment Plan, Offer in Compromise, or an Uncollectible Status. The most important thing is to respond, yourself, or have your EA or CPA repond for you. 

If you would like help with this tax situation please contact me at pam@amcomtaxkfalls.com or at 541-884-1755

Pam Greene, EA LTC

Amcom Tax and Accounting, Inc

2455 Patterson St. Suite 1

Klamath Falls, OR 97603







Comments (0)