If you owe taxes to the IRS, you could face serious penalties. The IRS is a powerful agency that has many options to pursue tax collection. One of the most common questions that clients ask our team at The Blue Law Group is whether the IRS can take your home or your business. Our Los Angeles tax attorneys explain the common IRS collection processes and whether your home or business might be in jeopardy.
The IRS Collection Process
If you owe tax debt, the first thing the IRS will do is contact you via mail with a bill detailing the debt. In most cases, tax debts are subject to different types of penalties and interests. The longer the balance remains unpaid, the larger the outstanding debt will become. The IRS can begin collection proceedings, which can lead to liens, levies, and tax refund retention.
Can the IRS Seize My Home or Business?
Yes, the IRS is authorized to seize your home or business if you fail to pay a large amount of taxes. The Internal Revenue Service Restructuring and Reform Act of 1998 extended the District Director’s rights to seize homes or businesses to the U.S. District Court Judges and Magistrates. However, the IRS doesn’t seize homes or businesses frequently. The IRS will first attempt other avenues to collect the debt you owe.
Rancho Cucamonga Tax Debt Attorneys
If you owe tax debt that you know you’re unable to pay, you have options. You can work with an experienced attorney to make arrangements with the IRS. Whether it’s done by an installment agreement or an offer in compromise, you have options to settle your tax debt for less or make it more manageable. Our Los Angeles tax attorneys have helped businesses and individuals alike become tax debt-free. We have the knowledge, skills, and experience needed to help you achieve your desired results.
Contact our Los Angeles tax debt lawyers today at (909) 766-9996 to schedule a consultation!