Posts Tagged ‘Tax Levy’

The U.S. Tax Court has rejected Wesley Snipes’ appeal of the IRS’s rejection of his offer in compromise. Snipes has federal deliquent tax liabilities of approximately $23.5 million for tax years 2001-2006, largely as a result of his failure to file tax returns. The movie actor served three years in prison for failure to file […]

The IRS Collection Process: A Review of the Basics Procedure & Administration The IRS is the largest collection agency in the country and by far the strongest, empowered by Congress to take actions necessary to collect taxes owed to the federal government. Such a wide-ranging power can easily create some fear among those who do […]

Posted on May 22, 2018 in IRS

A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt. Where does Internal Revenue Service (IRS) authority to levy […]

Posted on March 29, 2018 in IRS

This season it seems as if as many people are trying to steal money as claim refunds. The IRS has issued its robust Dirty Dozen list of tax scams, and schemes make headlines almost every week. But are clients aware of the dangers? “We get calls all the time – and even though we talk […]

When the IRS comes around to collect, sooner or later you’re going to have to face the music. If you play games with the tax collector, the system is designed to make your life miserable. So here are ten things to remember when you owe the IRS: Don’t ignore any IRS notices. More people get […]

Boxer Floyd Mayweather Jr. is asking the Internal Revenue Service for a temporary reprieve on his tax debts until he fights Conor McGregor in an upcoming bout. Mayweather reportedly filed a petition with the U.S. Tax Court, according to the legal news website Law 360, claiming his funds are not accessible and asking for an […]

Posted on August 3, 2012 in IRS

Until the IRS makes an assessment, there is no official tax debt. Assessments are based on tax returns filed by the taxpayers, returns the IRS files in place of returns a taxpayer neglects to file, or from changes the IRS makes to a return. First Notice If the taxpayer files a return, and the tax […]