An administrative levy issued by the Internal Revenue Service (IRS) or your state tax authority against your property is one of the most feared tools of the government and it should be- Once the government has possession of your property, it may not be possible to get it back. You must act swiftly to prevent permanently losing your property, and it’s important to have legal representation to make the best of an awful situation. The Austin-based professional tax preparers at Escobar & Associates are intimately familiar with the actions and tactics of the state and federal government and will fight for your rights through this difficult time.
What is a Tax Levy?
Unlike a lien, which is a public claim against your property but does not remove your held property from your possession, a levy officially removes your claim in order for the tax authority to then liquidate your property to satisfy your alleged tax debt. As with a lien, the procedural rules change between different tax authorities. For example, the IRS does not need to take you to court for this step; in most cases, they have the universal ability to levy your property without the court’s judgment. Your boat, your vehicles, even your home can be levied. Further, “property” that is yours but held elsewhere, i.e., your retirement accounts, wages, income from rental property, your life insurance, etc., can be levied and liquidated, depending on the tax authority. Once a levy has been issued, the options are limited to remove the levy and it is challenging to navigate through the government demands and language, which most taxpayers are unfamiliar with. Once a levy is issued, the IRS and state tax authorities are less likely to negotiate as they have the means to satisfy the debt- it is imperative to have someone on your side who will defend your rights and lead you to a more positive resolution.
Our IRS Enrolled Agents are here to help!
Whether dealing with state or IRS levies, the IRS enrolled agents and tax professionals of Escobar & Associates will evaluate your case and move swiftly to minimize the damage of having your property levied. There are several steps that can be taken if done so immediately, but if too much time passes, it is possible you will not get your property back before it is liquidated. Escobar & Associates has decades of experience dealing with Austin IRS and state tax issues and will create a long term strategy to try to remove the levy and help you negotiate with the IRS to come to a less damaging agreement. You are not alone: Escobar & Associates will help you get back on track so you can enjoy a more stable financial future. Contact us today for your free consultation.