Receiving a letter or a phone call that you have a tax debt can be disconcerting, especially with the number of tools the IRS has at their disposal to collect the debt, including:
- Seize and liquidate your possessions, including your home or vehicle
- Retain a private debt collector, who works on commission, to collect your debt
- Place a tax levy on your wages
- Place a tax levy on your brokerage account
- Place a tax levy on your bank account
- File a tax lien against you
There’s a good reason so many people seem to be frightened of the IRS. When you owe tax debt, they can take the majority of your paycheck to pay the debt without regard to how you will support yourself or your family with the meager remainder, empty your bank or brokerage account to pay for the debt, or even place a tax levy against your pension or your life insurance policy. If the IRS makes a move to collect a tax debt, you can be sure that it will have devastating repercussions on your finances and your life.
Although the IRS can seem intimidating, you also have rights when it comes to what the IRS can and cannot do to settle the tax debt you owe. A skilled tax debt attorney can assist you in communicating and negotiating with the IRS so you do not lose your assets, your paycheck or your insurance policies.
The attorneys at The Law Office of Stewart Lim are experienced in the area of tax debt law and can help you to clear or renegotiate payments on your tax debt. Call us today to schedule a consultation.